Commercial Property for Sale in Covent Garden
Covent Garden is centred on the Piazza and the old market buildings, with the Royal Opera House on one side and Seven Dials a few minutes to the north. Long Acre, Floral Street, Neal Street and Henrietta Street carry a mix of shops, restaurants, theatres and offices. The area is one of London’s busiest visitor destinations, and it is also home to media, publishing, fashion and technology companies.
Morgan Pryce advises businesses and investors who want to buy in Covent Garden. We act only for the buyer. For leasing, see our guide to office space to rent in Covent Garden. Buyers also compare Soho to the west and Holborn to the east.
Covent Garden station is on the Piccadilly line. Leicester Square has the Northern and Piccadilly lines, Holborn has the Central and Piccadilly lines, and Charing Cross has the Bakerloo and Northern lines along with National Rail services. Tottenham Court Road, with the Elizabeth line, is a short walk from Seven Dials.
Commercial Property for Sale in Covent Garden: Supply and Ownership
Commercial property for sale in Covent Garden is limited because a few owners hold a large share of the area. Shaftesbury Capital owns much of the estate around the Piazza and Seven Dials, and the Mercers’ Company owns land around Long Acre. Both invest for the long term.
Commercial space for sale in Covent Garden therefore usually comes from private owners and smaller investors, often on the streets at the edge of the main estates, such as those towards the Strand, Drury Lane and Kingsway.
Buyers typically see:
- Victorian warehouse buildings converted to offices, a legacy of the fruit and vegetable market.
- Mixed-use buildings with a shop or restaurant on the ground floor.
- Period townhouses on streets such as Henrietta Street, King Street and Bedford Street.
- Office floors sold on long leases.
Retail and restaurant income is a feature of many buildings, which appeals to investors. Owner-occupiers value the area’s profile and the quality of the surroundings for staff. Try our office space calculator to work out your space requirement.
What to Consider When Buying Commercial Property in Covent Garden
Buying commercial property in Covent Garden means dealing with heritage buildings in a very busy location.
- Two boroughs. Covent Garden is divided between the City of Westminster and the London Borough of Camden. Check which authority covers the building.
- Conservation and listing. The area is covered by conservation areas and has many listed buildings. External changes, signage and internal alterations can all need consent.
- Servicing and deliveries. Many streets are pedestrianised or have restricted vehicle access. Confirm how the building is serviced.
- Ground-floor tenants. If the building includes a shop or restaurant, review the lease, rent and the tenant’s financial strength.
- Energy rating and tax. Older buildings may need upgrading to be let. Stamp Duty Land Tax applies and VAT may be charged.
Covent Garden suits buyers who want a high-profile, central address and are comfortable owning a building with a mix of uses.
A Commercial Property Agency in Covent Garden That Works for the Buyer
With so little stock openly marketed, you need an agent who is actively looking on your behalf.
- Direct approaches. As well as tracking each commercial building for sale in Covent Garden, we contact owners of suitable buildings that are not on the market.
- RICS-qualified advice. We report on value, tenure, condition and any existing leases.
- Income analysis. For part-let buildings, we assess the security of the rent and the lease terms.
- Negotiation and completion. We negotiate the purchase and keep the legal and survey work on schedule.
See our commercial property purchase and advisory services page to learn more.
Looking for a Commercial Building for Sale in Covent Garden?
Give us your brief and we will tell you what is available and what we expect to come forward in the coming months.
Call Morgan Pryce on 020 3987 6200 or book a free consultation. For the wider market, see our London commercial property page.
FAQ
Shaftesbury Capital owns much of the property around the Piazza and Seven Dials, and the Mercers’ Company owns land around Long Acre. Both are long-term owners, so buildings offered for sale usually come from private owners and smaller investors.
Typical opportunities are converted Victorian warehouses, period townhouses, mixed-use buildings with shops or restaurants at street level, and office floors sold on long leases.
Both. The southern and western parts, including the Piazza, are in the City of Westminster. The northern part, including Seven Dials, is in the London Borough of Camden. Planning policy and business rates differ between the two.
Covent Garden attracts investors because it combines office, retail and restaurant demand in a location with very high footfall. Returns depend on the individual building, its leases and its condition, so each opportunity should be assessed on its own merits.
Morgan Pryce acts only for buyers. We find marketed and off-market buildings, provide RICS-qualified advice on value and leases, negotiate the price and terms, and manage the purchase through to completion.
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