Office refurb plans in Covent Garden

Office design news from Morgan Lovell

Published on 30-12-2009

Offices in London's Covent Garden could receive a makeover thanks to refurbishment plans from new owner Legal & General Property.

The investment group has purchased 210,000 sq ft of property in the capital, 70 per cent of which is offices, reports Professional Pensions.

Office refurb plans aim to raise the value of this portion, with additional income from the remaining restaurant and residential space.

Gordon Aitchison, head of transactions for the property group, tells the publication: "The properties offer a good mix of diverse income and active management opportunities where we can add value through refurbishment, lease engineering and change of planning uses."

Profits following the office refurb are due to benefit members of a number of Legal & General funds linked to the performance of its property portfolio.

As of June 2009, Legal & General Property claimed to be among the UK's largest institutional property fund managers with responsibility for £7.4 billion of funds.

Posted by Adrian Norman