The total like-for-like value of property company Capco’s store portfolio decreased by 2.4% in the year to 31 December to £3.3bn, new figures show.
The overall decline was a result of a significant drop in its Earl’s Court portfolio, which fell more than its Covent Garden estate increased, Capco reports.
Capital & Counties Properties’ full-year results reveal that its total Covent Garden property value increased by 1.6% to £2.6bn, up from £2.5bn in 2017. It owns 1.2 million sq ft of space in the Covent Garden estate. Like-for-like income grew in 2018, and net revenue was up by 9.6%.
Capco cited a record year for openings of 21 new brands across its Covent Garden space.
Meanwhile, total property interests of its Earl’s Court portfolio had a like-for-like decrease of 15.6% from £759m in 2017 to £658m.
Ian Hawksworth, chief executive of Capco, said: “Covent Garden is firmly established as a leading retail and dining destination, and has had another strong year, delivering rental and value growth in line with the strength of the prime central London retail market. 2018 was a record year for openings across the estate, which contributed to strong net rental growth of over 17%. Our creative approach to asset management and investment into the estate continues to attract positive leasing demand, and provides an attractive consumer environment which has led to increased footfall and tenant sales.”