Capco continues to transform Covent Garden into London’s world class district through a combination of asset management, strategic investment and development.
Covent Garden has become a world class destination as a result of the first stage transformation under Capco’s management. The next objective is to establish Covent Garden as the best retail and residential district in the capital, allowing shareholders to benefit from the growth in capital values and rents.
Following the success of the Chanel boutique, French fashion house Dior will be opening a new luxury beauty concept store in the Market Building. Continuing the beauty trend in the area, Aveda will be taking space on Russell Street and Australian skincare brand Aesop opened its doors in July on King Street.
Premium stationary brand Il Papiro will open in the Market Building soon and King Street also welcomed Twenty8Twelve and Sandro which opened in February and July respectively. Brazilian footwear brand Galeria Melissa will be opening a flagship store in 43 King Street in early 2014. Cult yogawear brand lululemon athletica opened a showroom and yoga studio on Floral Street in April and will be joined by luxury sportswear concept Y-3 in September.
In July Covent Garden welcomed Danny Meyer’s American burger phenomenon Shake Shack to the Market Building. It is the first in the UK and opened to hour-long queues, enhancing footfall to the area and furthering the estate’s reputation as the neighbourhood for destination dining.
Godiva, the luxury chocolatier, has opened in the Market Building and premium coffee house, Andronicas, will be taking a second location on Floral Street following the ongoing success of its location in the Market Building. Following its opening in February, Keith McNally’s Balthazar and the Balthazar Boulangerie continue to be a destination for Londoners and visitors alike.
In line with the strategy of introducing luxury residential to Covent Garden, The Russell was launched in April. The second office-to-residential conversion, The Russell comprises two duplex penthouses and three lateral apartments which overlook the Piazza. Work is continuing on site at The Beecham, another landmark building on the south-west corner of the Piazza, and The Southampton, both of which will come to market in 2014.
Future developments and acquisitions
In December 2013, Westminster City Council resolved to grant planning permission for a mixed-use development. The proposals enhance the retail offering on Floral Street and will create a new retail passage connecting Long Acre and King Street which aims to improve pedestrian movement in the district and opens the existing courtyard area to the public. High quality new residential space will be created on the upper levels with views over the courtyard and retail and restaurant space on the ground level.