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 vibrant and sought after location, with its great footfall demonstrating its enduring appeal. The opportunity to acquire another prime block on the King’s 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 King’s 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.”
KLM Real Estate and Wallace LLP advised Martin’s Properties, whilst Waugh International and Winckworth Sherwood LLP advised McDonalds Real Estate.