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Covent Garden on the market for cool £400m
COVENT Garden Market must not be allowed to become “just another high street”, a leading community figure has warned as the historic site goes up for sale.
Jo Weir, chairwoman of Covent Garden Community Association and a trustee of Covent Garden Area Trust, spoke out this week after it emerged that landowners Scottish Widows and Henderson Global Investors have put the market up for sale for around £400 million.
It is understood the decision to offer the market for sale was made after an unsolicited bid of £358 million was received from a private developer.
Ms Weir said: “Many people fought hard to save the area and the key thing is that whoever buys it will be mindful of its history.
“It is a very beautiful place and the buildings are listed. We all know Covent Garden has been a victim of its own success but it is vitally important that quality is ensured otherwise it could just end up as another high street.”
Trade magazine Estates Gazette has reported that corporate estate agents Joiner Cummings has been instructed to draw up a worldwide shortlist of potential buyers of the 150-year lease. The 35 buildings in the area provide an annual rent of £51.3 million. Properties in nearby Henrietta Street, Wellington Street, Maiden Lane and Tavistock Street are included.
According to the magazine’s unnamed source: “A trophy asset like this will attract the Irish and Middle Eastern investors, US trusts and funds. It is likely to go absolutely loony in terms of numbers.
“The number of tenants means it is management intensive, however, so any bidders would need to have links to a good management business.” |
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