Kings Chelsea (development review from January 2011)

Prices: no significant change for sales, clear increases in rents

Whole development sales and lettings values 2010 compared with 2009.

Apartment Sales, average £/SqFt

2009: £1,088.
2010: £1,072 (1.47% fall)

Selling Prices:

The average sale price of the apartments sold in 2010 was £996,300, compared with £1,354,708 in 2009, HOWEVER the difference is almost entirely accounted for by a higher number of smaller unit sales in 2010.

One house was sold in 2010 (the seller’s agent being Beaney Pearce) and it achieved £1,771 per square foot.

In 2009, four and five bedroom properties were let at between £2,000 and £2,500 per week.
In 2010, we let one of the smaller houses at £1,725 per week.

Volumes: high level of lease renewals and fewer sales indicate stability and contentment

Aggregate sales and lettings volumes 2010 down on 2009.

Apartments:

Reflecting a quieter market overall, the total numbers ofboth apartment sales and lettings were down in 2010. Many tenants, including the great majority renting through Beaney Pearce, renewed. Residents have commented that they welcome the stability which this brings.

Houses:

We are not aware of any Kings Chelsea houses having been sold in 2009. One was sold in 2010, for which the agents were Beaney Pearce.

LOOKING AHEAD:

Pent-up demand now fuelling capital growth and rentals

At Kings Chelsea we have seen – and to a greater extent than in the market as a whole – clear increases in demand to buy and to rent on the one hand, coupled with the decided reluctance of existing residents to move, on the other. This is what has driven an essentially complete recovery in capital values and significant growth in rents.

International demand has been especially important in making Kings Chelsea stand out in comparison to the general market. Location, security and management combine to ensure
that it ‘ticks all the boxes’ for those venturing into a new city. In 2010, over 50% of all Beaney Pearce prospective buyers and over 75% of all our prospective tenants were from overseas and we see no sign of any change in this.

As a result, we expect sales values and rents to continue their steady, if gradual, increase, during 2011.

Other factors

The opening of Imperial Wharf overground station in September 2009 which links in with the rest of the London transport network, has undoubtedly made a difference to the residents of Imperial Wharf and its environs. The redevelopment of the Lots Road Power Station which is due to be completed in 2013 (don’t hold your breath!) and the development of the land on the eastern side of Chelsea Harbour will bring further changes to the area. The opening of the new school, Chelsea Academy, in November 2010 was a welcome further contribution to the redevelopment and enhancement of the area.

Further information

If you would like to know more about market values for properties in Kings Chelsea and elsewhere in central London, or about our services, please call or email us or, even better, drop in at 14 Culford Gardens. We would be delighted to see you.

14 Culford Gardens
Chelsea
London SW3 2ST
T: +44 (0)20 7590 9500
Also at: Petersham Hse, 29 Harrington Rd.,
South Kensington, London SW7 3HD
T: +44 (0)20 7838 1888

Kings Chelsea is a 7.5 acre development by Northacre, completed in 2002.

Northacre created a community of 289 homes, of which 14 are houses and 275 apartments, set in beautifully landscaped gardens. All were sold on original leases of 999 years, each leaseholder being a member of the management company, which owns the freehold of the development.

The amenities of Kings Chelsea include 24 hour security, porters and concierge. The site is also protected by CCTV cameras. The secure underground car park is accessible from all passenger lifts. The apartments all have video entry systems as well as fire detection and alarm systems which can be connected to a main monitoring system. Each of the buildings is served by two 13 person lifts.

Leisure Facilities include an 18m x 4.5m swimming pool, a gymnasium, sauna, steam room and an all weather outdoor tennis court.