Capital & Counties consolidates in Covent Garden

Covent Garden Market owner, Capital & Counties has bought 11-12 James Street, WC2 for £6.2 million. The freehold acquisition, which reflects a 4.25% net initial yield, adds to existing holdings on the street. The first to fourth floors are in residential use and sold off on long leases. The ground and basement floors are let to CGX retail on a lease to December 2014. The current rent is £280,000 pa which was set at review in January 2010. Peter Trinder, investment director at Hanover Green says: “This is an important adjoining property to an existing holding and Cap Co’s performance in acquiring the property was outstanding.”

 

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