Covent Garden rents go up as Dior, Chanel and Burberry move in to “luxury hub”

Once London’s pre-eminent fruit and veg market, Covent Garden is now well on its way to becoming a luxury shopping destination.

The arrival of internationally recognised fashion brands, Chanel, Burberry and Dior has today prompted the landlord Capital & Counties, to raise rental targets for the area.

According to the Standard, the landlord’s Covent Garden portfolio jumped an almighty 19% in value to £1.16bn last year, as planning permission for new schemes was granted and the influx of luxury stores helped attract wealthy visitors.

Capital & Counties now believes it can expect to collect rents of up to £75m a year by 2016.

Chief executive Ian Hawksworth said: “We’re creating a super-luxury hub. If you get the right tenant mix, the shoppers come. The nature of the consumer is completely different. Covent Garden now has 44 million visitors and the vast majority are from the ABC1 demographic.”

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