Shaftesbury Capital acquires further Covent Garden assets

Shaftesbury Capital has strengthened its London footprint, completing the acquisition of the freehold interests in 25-31 James Street in Covent Garden for £75.1 million.

The properties have a contracted rent of £3.9 million and comprise 21,000 sq ft of lettable area, including 12,000 sq ft of retail and 9,000 sq ft of residential and office accommodation.

"This acquisition presents asset management and rental growth opportunities as well as complementing our existing ownership on James Street, a prime retail street and key gateway into the Covent Garden Piazza," reads a statement from Shaftesbury Capital. 

Covent Garden is a popular destination within Shaftesbury Capital's retail portfolio and continues to attract brands and retailers as a key consumer and tourist area in London.

The British landlord has recently welcomed a number of fashion and beauty brands, such as Arc'teryx, Missoma, Odd Muse, Creed and Horace, to Covent Garden over the last year.

It adds to Shaftesbury Capital's full property portfolio, valued at £4.8 billion at December 2023 and extending to 2.9 million sq ft of lettable space across London’s West End.

With a diverse mix of shops, restaurants, cafés, bars, residential and offices, its destinations include the high footfall neighbourhoods of Covent Garden, Carnaby, Soho and Chinatown, together with holdings in Fitzrovia.