Capital & Counties Properties has acquired the freehold interest of Tower House, 10 Southampton Street, Covent Garden, from Derwent London for £67.5m before purchaser’s costs.
The property is a substantial corner building located at the junction of Southampton Street and Tavistock Street with views towards the Piazza. The multi-let building produces an annual rental income of £3.1m across 53,700 sq ft which comprises 13,800 sq ft of retail, 37,000 sq ft of offices and 2,900 sq ft of residential accommodation.
CapCo chief executive Ian Hawksworth said: “Covent Garden is a world class retail and dining destination and Southampton Street is an important gateway to the estate. This acquisition is in line with our strategy to expand our footprint, acquire prime assets and invest in our estate.”
Derwent London chief executive John Burns added: “This disposal is in line with our June 2016 valuation and with our total sales of £140m year to date, demonstrates our continued ability to recycle capital.”
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