Capital & Counties (Capco) had reported strong trading conditions across its Covent Garden estate, with a particularly successful Christmas trading period.
The West End property company, soon to merge with Shaftesbury, said it saw leasing momentum in its targeted categories, including new signings such as Gaucho, which has agreed terms to open a flagship restaurant on James Street.
In total, 71 new leases and renewals over the year, represented £10m of contracted income signed 13% of December estimated rental value (ERV).
There has been continued ERV growth over the last 12 months, up 6% on a like-for-like basis to £81 million, reflecting the positive leasing activity and high occupancy levels across the estate, it said.
Ian Hawksworth, chief executive of Capco, commented: “There is continued momentum at Covent Garden with robust trading conditions, in particular a successful Christmas period with customer sales in aggregate exceeding pre-pandemic levels.
“Strong leasing demand for our prime properties in the West End continues to deliver rental growth, however an outward shift in yields resulted in an unchanged valuation for Covent Garden over the year.
“Backed by our strong balance sheet, long-term strategy and creative approach we look ahead with confidence in the prospects and resilience of Covent Garden and the West End.”
Hawksworth said preparations were continuing on the merger with Shaftesbury, and subject to CMA clearance, completion of the merger is expected in the first quarter of 2023.
