Capital & Counties (CapCo), the London-based property group specializing in Covent Garden, is optimistic about its prospects for the future. Despite facing a decrease in the value of its Covent Garden portfolios, CapCo is experiencing positive signs of recovery.
CEO Ian Hawksworth expressed confidence that the worst of the pandemic’s impact may be behind them. He cited the elevated level of inquiries, strong transactional activity, and improving sentiment as indicators that the business is on the right track. In fact, CapCo has plans to open 12 new stores this year, including a location for US sustainable fashion brand Reformation. This demonstrates a belief in the enduring appeal of Covent Garden as a retail destination.
Although the pandemic has impacted the value of CapCo’s Covent Garden estate, there are signs of improvement. H1 net rental income increased compared to the previous year, and the vacancy rate has improved. Rent collection has also seen an improvement, with the June quarter showing a collection rate of 47%, rising to 65% when considering monthly payment plans.
CapCo remains confident in the resilience of London’s West End and the long-lasting appeal of Covent Garden. The company believes in the potential for recovery and is determined to rebuild and strengthen its Covent Garden estate. With signs of improvement in key metrics, CapCo is on track to regain its pre-pandemic momentum.
As the world slowly emerges from the pandemic, CapCo’s strategic planning and efforts to attract new businesses position it well for success. With upcoming store openings and the support of tenants, CapCo is poised to take advantage of the renewed interest in physical retail experiences. Covent Garden continues to be a sought-after destination, and CapCo’s investment in the area is paying off.
Overall, CapCo’s interim trading update reveals cautious optimism and a belief in the potential for recovery. The company is determined to embrace the bounce back in business and position itself for success in the thriving Covent Garden district.
Useful links:
1. CapCo Official Website
2. Covent Garden Official Website
