Martin’s Properties has acquired a prime corner block asset on the Kings Road in Chelsea, which was previously owned and occupied by fast food chain McDonalds, for an undisclosed price.
The company intends to secure planning consent to expand the current footprint of 49 Kings Road and upgrade the entire building, including the upper floor residential space, to improve its ESG credentials.
Richard Bourne, CEO of Martin’s Properties, said: “Chelsea is renowned as a location that is vibrant, attractive, diverse and a symbol of affluence and success, which supports its enduring appeal. The family-owned business has owned assets on the Kings Road for over 80 years and has been instrumental in improving the quality of the offer that can be seen today.
“The opportunity to acquire another prime block on the Kings Road was compelling and we will use our experience to add value and attract an occupier that will match the carefully curated retail and leisure mix that helps make Chelsea so special. We have already received strong interest from a number of potential occupiers and we are excited to be able to deliver a scheme that will provide enduring appeal.
“We have over £30m of capital to deploy for investment and repositioning opportunities like this – both in Chelsea and Southern England. As an agile business, we can act quickly to bring such opportunities to fruition and get to work right away on our asset management strategies, using our experienced in-house team.”
KLM Real Estate and Wallace advised Martin’s Properties. Waugh International and Winckworth Sherwood advised McDonalds Real Estate.
