Former Chelsea restaurant acquired by property group
A property at 49 King’s Road in Chelsea, London formerly owned and operated by McDonald’s has been acquired by property investment company Martin’s Properties.
The acquisition increases Martin’s Properties’ holdings on the south side of the King’s Road, with the group now looking to invest further in upgrading and extending the asset before securing a high-end tenant for the property.
The group is aiming to expand the current footprint of the property through planning consent, upgrading the entire building – including the upper floor residential – and improving its ESG credentials.
Martin’s Properties has previously repositioned such assets, having delivered similar work at 33 King’s Road, 44 King’s Road, 13 Radnor Walk, 111-115 King’s Road, and 197-209 King’s Road.
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 LLP advised Martin’s Properties, whilst Waugh International and Winckworth Sherwood LLP advised McDonalds Real Estate.