Portfolio Club to acquire Covent Garden’s Wellington Block for £76m

The Portfolio Club has exchanged contracts to acquire the Wellington block from Capital & Counties Properties PLC for £76.5m.

 

The Portfolio Club, a joint venture between APG and London Central Portfolio (LCP) was launched last year to create a new lifestyle hospitality brand in prime central London locations.

The Wellington block is a freehold island site located on the south east corner of Covent Garden comprising six separate properties and has recently received planning consent to develop a 146-room hotel with retail and restaurant space. 

"We are delighted to have secured the Wellington block, a unique combination of architecturally beautiful buildings. Covent Garden, under Capco’s stewardship is an increasingly thriving and sought after location with huge appeal to both the domestic and international market. This will be a cornerstone of our new lifestyle brand of Residents’ Clubs to be rolled out in prime central London neighbourhoods and internationally, following the acquisition last year of the Harrington Hall Hotel in South Kensington by the joint venture partnership between LCP and APG,” said Naomi Heaton, chief executive of The Portfolio Club.

The Wellington block comprises 25-31 Wellington Street, 23 Wellington Street, 15 Exeter Street, 12 & 14 Burleigh Street and Burleigh House, currently providing approximately 66,000 square feet of lettable space increasing to over 100,000 square feet following completion of the consented hotel. 

 

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