The 90,000 square feet scheme, which includes 20,000 square feet of new space, will create a new pedestrian passageway connecting Long Acre and King Street, a new public courtyard and new retail, restaurant and residential space.
The new public courtyard will be surrounded by eight new retail units and two new restaurants with al fresco dining. The new retail outlets will have frontages on Floral Street including a new anchor store, with the aim to “animate” and draw visitors down the western part of the street.
The project is part of Capco’s long-term commitment to improve the area, and proposes that the new development will create new areas of high quality public realm and activated spaces to enhance Covent Garden’s offering, as well as improve north-south pedestrian connections, and provide 50 new homes.
In addition, a separate planning application for the Carriage Hall building also received a resolution to grant consent. The Grade II listed Carriage Hall on the western end of Floral Street will be converted into a new 13,000 square foot multi-brand retail space with a covered courtyard.
Capco gets go ahead for Covent Garden development
Capco chief Executive Ian Hawksworth 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 is likely to start in June 2014 and will take up to three years to complete.
Over the past couple of years Capco has been responsible for the transformation of Covent Garden into a world class destination. It has attracted high end brands to the area including Chanel, Dior and Burberry in the Market Building, and retailers including Sandro, Y-3, Banana Republic, and Opening Ceremony have all opened new stores in the area.
Images: Visuals of the new development