London-focused property group Capital & Counties (Capco), which owns assets in Covent Garden and is currently working on the 'urban re-imagination' of Earls Court, said it made a positive start to the year.

The company, otherwise known as Capco, said that leasing transactions in Covent Garden were completed at 3.6% above December's estimated rental value (ERV). It has acquired £46m of assets across the popular site in the West End in the first quarter.

Meanwhile, during the period four new retail and restaurant lettings were signed across Covent Garden, including beachwear brand Orlebar Brown and Michelin-starred restaurant Lima.

As for the Earls Court Masterplan in West London, Capco said it achieved "key milestones" during the quarter detailed planning consent has been granted for Earls Court Village and a change of use for the Empress State Building from commercial to residential was approved.

The first quarter also saw the launch of the first phase of Capco's Lillie Square, a contemporary residential area near Earls Court. 204 of 237 flats in phase one were reserved or exchanged in the five weeks since the launch in March.

"We have had a positive start to the year as we create and grow value across our London estates," said Chief Executive Ian Hawksworth.

The stock was 1.1% higher at 339.12p in early trading on Friday.

BC

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