Capital & Counties' Covent Garden property value increases 4.6% in H2
By Iain Gilbert
Date: Monday 17 Jan 2022
(Sharecast News) - Property investor and developer Capital & Counties said on Monday that an independent valuation of its Covent Garden assets had revealed that the property's value had increased by 4.6% to £1.7bn in the second half of the year.
Capital & Counties stated the second half movement was primarily driven by a 3% like-for-like increase in estimated rental value, reflecting positive leasing activity and high occupancy levels across the estate, as well as a reduction in the equivalent yield of five basis points to 3.88%. The valuer's assumption on the loss of near-term income was also reduced from £11.0m to nil.
The FTSE 250-listed firm noted that for the year as a whole, the property's valuation had slipped 0.6%.
Capital & Counties also added that first-quarter rent collection, invoiced in December 2021, was currently sitting at 86%.
Chief executive Ian Hawksworth said: "Covent Garden has had a strong second half of 2021 and despite the backdrop of the Omicron variant, consumers continued to be attracted to the West End's most vibrant destination. We are pleased with the strong levels of leasing activity and improving market indicators which have contributed to a valuation uplift in the second half.
"We look ahead with confidence to continued progress in 2022 and in the long-term prospects of the Covent Garden estate and the West End."
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