The value of prime properties around Covent Garden fell 2% in the last three months on the back of a “volatile macroeconomic environment”, the area’s major landlord has said.
According to a trading statement from Capco, its Covent Garden holdings were worth almost £1.8 billion at the end of September, 2% less than three months previously.
Values of commercial property are still languishing way below pre-pandemic levels, with Capco’s Covent Garden portfolio value still 25% below what it was at the end of 2019.
But the company said leasing in the area had held up well, with new brands including jewellers Mejuri and trainer brand Hoka recently moving in.
Luxury watch brand Tudor and late night music venue Stereo are also set to open before Christmas, and clothing company Uniqlo has also agreed to open a new flagship store early next year.
Ian Hawksworth, chief executive of Capco, said: “Trading activity at Covent Garden remains resilient with strong leasing demand across all uses, and…
