LONDON (dpa-AFX) - Capital & Counties Properties or Capco (CAPC.L) reported receiving a resolution to grant planning consent from Westminster City Council last night for its proposals to transform the space between King Street and Floral Street within the Covent Garden estate. The 90,000 square feet scheme, including 20,000 square feet of new space, would create a new pedestrian passageway connecting Long Acre and King Street, a new public courtyard and new retail, restaurant and residential space.
The company said the new public courtyard would be surrounded by 8 new retail units and 2 new restaurants with al fresco dining. New retail frontages on Floral Street, including a new anchor store would animate and draw visitors down the western part of the street and forty-five premium apartments, of which 31 are new build, would be created overlooking the new courtyard.
Further, a separate planning application regarding the Carriage Hall building also received a resolution to grant consent. The Grade II listed Carriage Hall building on the western end of Floral Street would be converted into a new 13,000 square feet multi-brand retail space with a covered courtyard.
Chief Executive of Capco, said, '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. 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.'
Work on the project may begin in June 2014 and would take up to 3 years to complete.
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