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UK-BASED property company Liberty International says it will be making a “significant” financial investment in the world-renowned Covent Garden precinct in London, to improve the physical environment, as well as the retail and entertainment offering.

The group, which has a significant South African shareholding, says no “real money” has been spent to improve the Covent Garden environment in 25 years.

But Liberty International is remaining tight-lipped about how much money will be spent. Its subsidiary, Capital & Counties, acquired more than 30 properties in the popular retail precinct for £421m in August. The acquisition was a coup for the company because Covent Garden is one of the top four retail locations in London, as well as one of the city’s top tourist destinations. It is known for its entertainment and market atmosphere.

Liberty International financial director Aidan Smith says the group wants to “relaunch the brand” of Covent Garden. “Entertainment is at the heart of Covent Garden and the important thing is it must be a place for Londoners and tourists. It is still a world-recognised destination, but I would say quality is the issue. We need to work on the tenant mix the way we work on the tenant mix in our shopping centre business.” A large chunk of Liberty International’s property business is large regional shopping centres in the UK.

Ian Hawksworth, MD of Capital & Counties, says plans for Covent Garden are “evolving” and involve “working and talking with everyone who has a stake in the Covent Garden area”. That includes the local authorities, retailers, residents and businesses as well as visitors. He says Liberty International wants to take the “essence of what Covent Garden means” to people and make it into a “world-class destination both for the residents of London and visitors to the capital”.

“That means making the retail mix exciting, making the food and beverage world class and ensuring that there is regular entertainment that meets the needs of both young and old. That ranges from rock bands to street performers to ballet, opera and fashion events, as well as product launches.”

Hawksworth says although Covent Garden has all these elements and that they work on an individual basis, they do not “really come together”. “It is like having a fantastic cricket team with great star players but where they don’t all come together on the night.”

Covent Garden attracts 50-million visitors a year. Hawksworth says the group would like to ensure the environment offers something for the visitor and the local every day of the year.

“Underlying the mix of things, we have to make the environment of Covent Garden more friendly and more attractive so that it works better in the evening and trades longer hours.

“We have the wonderful heritage of Covent Garden, but we want to bring in a few modern elements, make sure the lighting and security, the walkways and the landscaping, are more up to standard.”  He says Capital & Counties will inject substantial funds into the area to provide these new elements.

“We are developing these plans. We have an idea of what the cost will be, but until we have gone through the local authorities and other stakeholders, we are not going to make any statements about what it will cost.”