Westminster and Camden · WC2
Opening a Shop or Restaurant in Covent Garden: Area Guide
With its historic market building, theatres and piazza, Covent Garden is one of London’s liveliest areas for retail and food and drink. Who is it for, how does ownership work and what should you check?
Last updated:
- Shops in Shaftesbury Capital’s estate
- Food and drink units
- Historic market building completed
Covent Garden is a historic district in London’s West End, spanning the boroughs of Westminster and Camden. With its piazza and market building, the Royal Opera House, theatres and side streets, it combines retail, food and drink and culture, drawing both visitors and people working in the surrounding offices.
In this guide we look at Covent Garden’s commercial make-up, how ownership works and what to check when opening a shop or restaurant here.
A short history
From piazza to shopping destination
- 1630s
The piazza is laid out
Designed by Inigo Jones, it was one of London’s first planned squares.
- 1654
A market takes hold
An open-air fruit and vegetable market grew on the south side of the square.
- 1830
The market building
Charles Fowler’s neoclassical market building was completed.
- 1974
The market moves
Traffic congestion moved the wholesale market to New Covent Garden Market at Nine Elms.
- 1980
A new life
The market building reopened as a shopping centre.
How the area works commercially
What sets Covent Garden apart from other shopping streets is ownership. Much of the area is managed by one large estate landlord: Shaftesbury Capital. In 2025 NBIM, which manages Norway’s sovereign wealth fund, took a 25% stake in the portfolio.
Shaftesbury Capital’s Covent Garden portfolio
- Total space managed
- Shops
- Food and drink units
Source: Shaftesbury Capital website
According to Cushman & Wakefield’s 2025 report, Covent Garden’s rental growth came very close to the double-digit growth of London’s leading streets. Many new food and drink brands have opened in the area recently, and the landlord announced further restaurant and café lettings in 2026.
Opening a restaurant in Covent Garden
Covent Garden is one of London’s strongest areas for food and drink, but a restaurant needs more technical and legal preparation than a shop:
- Extraction and ventilation: units with suitable extraction for a hot kitchen are limited, so check this first.
- Licensing: alcohol and late-night licences come from the council. As the area spans Westminster and Camden, the process differs by address.
- Historic buildings: many buildings are listed and sit in a conservation area; signage and interior changes may need extra consent.
- Fit-out budget and timeline: kitchen services, consents and heritage requirements can extend the programme, so plan your opening date accordingly.
What to check when leasing in Covent Garden
Checklist
- Position: the piazza, the main pedestrian routes and the side streets have different visitors and rents.
- The landlord’s intended brand mix for the area and how your concept fits it.
- For restaurants: extraction, ventilation and licensing.
- Listed-building status and conservation area rules.
- Total annual cost including rent, business rates, service charge and insurance.
- Lease term, break rights and rent review mechanism.
- Advice from an English commercial property solicitor before signing.
Sources
- Shaftesbury Capital – Covent Garden
- Covent Garden – The history of Covent Garden
- Cushman & Wakefield – Main Streets Across the World 2025 (19 November 2025)
- Estates Gazette – Shaftesbury Capital brings five new F&B brands to Covent Garden (2026)
- Wikipedia – Covent Garden
Brands named in this guide are mentioned only to illustrate what trades in the area; none of them has any relationship with ATOG Group. Information reflects the sources available at the time of publication and is for general guidance only.
Free checklist
Opening a shop in London: a 25-point checklist
25 points in 5 sections: strategy and budget, location, lease, fit-out and consents, opening. Leave your email address and download the PDF straight away.
How we can help in this area
FAQ
Frequently asked questions
Who owns the property in Covent Garden?+
Much of the area is managed by one large estate landlord, Shaftesbury Capital. According to its website, its portfolio there covers about 1.5 million sq ft, 229 shops and 191 food and drink units. This means tenants are also chosen for how well they fit the area’s overall mix.
What should I check before opening a restaurant in Covent Garden?+
Kitchen extraction and ventilation, alcohol and late-night licensing, listed-building status and conservation area rules are the key points. As the area spans Westminster and Camden, licensing processes differ by address.
How much is rent in Covent Garden?+
Rent depends on position (around the piazza or on side streets), unit size and use. According to Cushman & Wakefield’s 2025 report, Covent Garden’s rental growth came very close to the double-digit growth of London’s leading streets. We can review current comparables with you.
Let’s find the right property in this area
Tell us about your business and budget; we will assess the options and lease terms in the area for you.