Property values in central London are in a different value bracket to the rest of the country, and Capital & Counties (CAPC) has two jewels in its estates at Covent Garden and Earls Court. Both benefited last year from a further uplift in property values and rental income, underpinned by strong demand for premium sites.
Covent Garden's valuation grew by 19 per cent to £1.16bn, while its estimated rental value (ERV) - the amount of rent it would generate if all leases were marked to market rates - rose by 11 per cent to £58m. With no sign of any let up in the race for premium space, chief executive Ian Hawksworth now expects ERV to rise to £75m by the end of 2016. A total of 12 new retail and restaurant outlets were signed up during the year, including Dior Beauty and Burberry Beauty Box.