LGP secures further retail and office lettings in Covent Garden.
20 November 2012
Legal & General Property (“LGP”) announces that it has secured a number of further lettings on its Covent Garden Estate, having exchanged contracts with H&M, Wasabi and Kim Chee Korean Restaurant on retail space, and additionally letting over 6,000 sq ft of office accommodation.
In the latest of the retail deals, H&M has taken a new lease on 425 Strand, which was formerly occupied by Curry’s. The unit has been extended to add first floor sales space and provides a total of 10,500 sq ft.
Additionally, Kim Chee Korean Restaurant has taken 388-389 Strand on a new 25 year lease for its second site in London. The deal was concluded in conjunction with a letting to its sister brand, Wasabi, who has taken the adjoining store, comprising 39 Southampton Street, also on a 25 year lease. Together the two restaurant units provide 3,378 sq ft and have been concluded at a combined rent of £259,000 per annum.
On the office element, LGP has let the 3rd floor at Walter House, 418 Strand, totalling 2,991 sq ft to Appydux Ltd, a web app development company, on an FRI lease at a headline rent of £29.50 per sq ft and the 2nd floor, totalling 2,907 sq ft has been let to Wayfair, a furniture supplier, on an FRI lease at a headline rent of £25.50 per sq ft. In addition, the 5th floor at 388 Strand, totalling 478 sq ft, has been let to ManageBest Ltd, on an FRI lease at £28.50 per sq ft.
The properties form part of LGP’s 210,000 sq ft mixed-use Covent Garden Estate portfolio, which has undergone a programme of significant asset management to capitalise on growth opportunities since it was purchased from ING Covent Garden Limited Partnership in December 2009.
Michael Barrie, Director of Fund Management at Legal & General Property, said:
“Continuing to improve the rental tone and tenant line up of our portfolio, these lettings demonstrate our hands on approach to asset management and ability to drive values across the platform by matching good quality space with the right occupier. Our Covent Garden Estate continues to benefit from strong occupier demand characteristics and we have a number of additional initiatives in place to take advantage of these.”
Nash Bond and Jones Lang LaSalle acted for LGP on the retail lettings, while EA Shaw and Hanover Green acted on behalf of LGP on the office lettings. Wayfair was advised by DE&J Levy, while all the other occupiers represented themselves.
More information on Legal & General Property’s Covent Garden holdings is available at www.coventgardenestate.com
Notes to editors
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £381bn of assets on behalf of more than 3,300 clients (30 June 2012) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 16 separate funds or vehicles and two segregated mandates with an aggregate asset value of £10.4bn as at 30 June 2012.
These funds include:
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust; UK Property Income Fund; LPI Income Property Fund and the Hybrid Property Fund
LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging upon the significant resources provided by the wider LGIM platform. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability.
LGP’s sector specialisms cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering the West End office market’s latest landmark, Central Saint Giles, and currently involved in developing its high profile Covent Garden scheme, Agar Street, as well as significant town-centre retail and leisure regeneration projects, including Bracknell, Trowbridge, Northampton and Eastbourne
For more information please contact:
PR Manager, Legal & General Capital and Real Assets, LGIM (Property, infrastructure and alternative finance)
t: + 44 (0) 203 124 2777
m: + 44 (0) 7718 395 279
About Legal & General
Legal & General Property Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.