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Covent Garden’s £50 million upgrade
COVENT Garden’s new owners are planning to modernise its historic market.
Developers Capital and Counties Ltd last year bought the site for £421 million.
They want to increase the rents of the 35 buildings on the seven-acre site to bring in £50 million to boost investment.
They are also paving the way for a market place comparable to Bond Street-style luxury.
Detailed plans of the five-year-plan will be released in May.
Gary Marcuccilli, director of Capital and Counties, said: “We would not have bought Covent Garden if we did not think it had the potential to move forward.”
“We have always been fans of Covent Garden but feel that the location has gone in the wrong direction in terms of retail.”
Luxury retailers will be joined by independents and newcomers to the UK so that the area becomes “the first place a retailer comes when opening a store in London,” according to Marcuccilli.
He added: “That way, if a concept succeeds, we can trade it up to another unit.” |
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