Central London Property Business Up
Central London property business spun out of Liberty International, yesterday posted a pre-tax profit of £54.8m.
The increase was driven by a rise of value properties, which include Earls Court & Olympia, where Capco is planning an ambitious regeneration project, as well as Covent Garden.
The strength and potential of the UK’s capital city has been illustrated by the valuation growth and recurrent income in the group’s prime West End properties over the first half of this year.
The company owns 92 shops and 41 restaurants in Covent Garden and wants to increase the estimated rental value (ERV) of the estate over the next three years to £40m.
In the first half of 2010, the ERV rose 3.5pc to £34.4m. Mr Hawksworth has attracted Apple and Kurt Geiger to open shops on the estate and wants to bolster the quality of the retail offering further. Capco is also seeking to diversify the food and beverage range, and is planning a residential development.
London is obviously still one of the best places to make property investments in. With the downturn and economic slowdown, London still attracts the Rich from around the world who are happy to come in and spend their money.
Category: Property News
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