StockMarketWire.com - Capital & Counties Properties has acquired the long leasehold interest in 15-17 Long Acre & 27b Floral Street for £79m before purchaser's costs.

Capco said the property - which is located at the western end of Floral Street, opposite the Floral Court development - benefits from dual frontage on both Floral Street and Long Acre and presents long-term asset management opportunities.

The property generates an annual rental income of £3.4m across 42,600 square feet with 60% of the income attributable to the retail space, which comprises 18,500 square feet, and the remainder of the space let as offices.

Capco Covent Garden director Michelle McGrath said: 'The purchase of this property is in line with Capco's strategy of acquiring prime assets at Covent Garden that offer the opportunity to create value.

'This acquisition expands our footprint in the area and further consolidates our presence on Floral Street where recent signings include Kent & Curwen and The Shop at Bluebird.'




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