CapCo Granted Permission for London Mix-Use Project

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Capital & Counties Properties PLC, was granted permission to build 45 apartments, as well as retail space and restaurants within the Covent Garden Estate.

The London-based developer owns most of London's Covent Garden and plans to transform the space between King Street and Floral Street, according to a company announcement. 

The 90,000-square-foot project will create a new pedestrian passageway connecting Long Acre and King Street, increasing the number of pedestrians in Covent Garden. 

"These plans will have a significant impact on how visitors experience Covent Garden and highlight Capco's commitment to creating value and improving public access within our estate," Ian Hawksworth, chief executive of Capco, said in the announcement. "The new passageway will connect King Street directly to Long Acre for the first time and bring a critical mass of new retail, dining and residential to Floral Street."

Capco sold apartments in the district for approximately £2,400 ($4,000) a square foot this year, a record for the area, Bloomberg reports. Although they are now climbing at a slower pace, home prices in Central London continue to increase, fueled mostly by foreign buyers. 

Capco's assets in Covent Garden are valued at approximately $1.1 billion, according to the company's website. 

Work on the Covent Garden project is expected to start in June 2014 and take as much as three years to complete, according to the company statement.