Capital & Counties has increased its Covent Garden ownership with the purchase of 31-33 Bedford Street, WC2, for £32m.
It was bought from Legal & General Property.
Planning consent is in place to convert the 25,000 sq ft of retail and office space into 12 luxury flats.
Sarah-Jane Curtis, director of Covent Garden at CapCo, said: “This acquisition provides the opportunity for creative asset management to reposition the retail offering as well as the potential to create residential properties which offer fantastic views across Covent Garden and restore the estate’s residential heritage.”
According to Egi data, numbers 31-32 Bedford Street last traded in 2009 when it was sold to the British Overseas Bank Nominees for £8.6m.
CBRE acted for the vendor.
