Dynamic development and investment property company Martin’s Properties has completed the acquisition of 49 Kings Road, the prime corner block asset previously owned and occupied by McDonalds.
The purchase increases Martin’s Properties’ holding on the South side of the Kings Road and the team are now looking to invest further in upgrading and extending the asset before securing a high-end tenant that will add to the vibrant mix on offer in Chelsea. 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.
Richard Bourne, CEO of Martin’s Properties comments: “Chelsea is renowned as a vibrant and sought after location, with its great footfall demonstrating its enduring appeal. 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.
“As is the attractiveness of the asset, there was a great deal of interest in the acquisition of 49 Kings Road and we are delighted to have been successful in the purchase. We have already received strong interest from a number of potential occupiers, and we are excited to be able to deliver a top-class scheme fitting with its top-class area. 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.”
Martin’s Properties plans to expand the current footprint of 49 Kings Road through planning consent, upgrade the entire building including the upper floor residential and improve its ESG credentials. Martin’s Properties has a strong track record in repositioning such assets having delivered similar work for its assets at 33 Kings Road, 44 Kings Road, 13 Radnor Walk,111-115 Kings Road and 197-209 Kings Road.
KLM Real Estate and Wallace LLP advised Martin’s Properties. Waugh International and Winckworth Sherwood LLP advised McDonalds Real Estate LLP.
