2nd March 2021
Martin’s Properties, a leading property investment and development company based in Central London and operating throughout the South of England, acquires 109 Kings Road Chelsea, a prime mixed-use investment for £3.2m. Martin’s Properties also announce today a new letting to Caprice Holdings ltd trading as Ivy Asia at 201-203 King’s Road, Chelsea.
Martin’s Properties latest investment at 109 King’s Road comprises 2 prime retail units totalling 3,945 sq ft. Both units are let on short leases offering an opportunity to drive value through asset management and reconfiguration. A planning application is due to be submitted shortly to reconfigure the building to suit the latest occupational market needs.
The new Ivy Asia, which will adjoin existing The Ivy Chelsea Garden, is due to open summer 2021 after an extensive fitout. The restaurant group have signed a new 20 year lease forming part of wider deal to include a lease regears with The Ivy Chelsea Garden.
Brook Stotesbury, Commercial Asset Manager, Martin’s Properties comments “The investment into 109 King’s Road is a strategic acquisition that will increase the wider Group holding at 105-107 King’s Road and 111-115 King’s Road and enabling greater future control of the block for wider redevelopment and marriage value. We are delighted to enter into a further agreement with Caprice Holdings and we are excited by their vision for this site, I am confident the end product will be a great addition to both our portfolio and local area.”
Richard Bourne, Managing Director, Martin’s Properties comments: “The last year has been a great challenge for many of our Chelsea customers. We remain committed to working with them to ensure they remain committed to the Kings Road – ensuring we maintain a vibrant, diverse experience for the consumer. Despite the prevailing winds the King’s Road has largely weathered the storm owing to its affluent local community, diverse offer and strong day and night time economy. The Ivy Chelsea Garden has been a jewel in our portfolio since it’s opening in 2015 and we look forward to further collective success with Ivy Asia. Whilst we continue to look for investment outside of Central London as part of our wider strategy, the acquisition of 109 King’s Road represents an opportunity for our team to strengthen and add value to our core Chelsea portfolio. It also demonstrates our commitment to the area and in particular our belief in the future of the King’s Road as a popular retail destination.”
Tom Martin, Chairman Martin’s Properties comments: “Richard and our team have worked tirelessly over the last 12 months to reach agreement with our customers to ensure they can continue to operate. Our partnership with Caprice Holdings over the last 6 years has been very positive and we look forward to their new addition to our portfolio. The team continue to be active purchasers despite the widespread uncertainty in the market, selectively seeking the right opportunities where we can add value through our inhouse expertise.”
David Coffer Lyons and Savills advised Martin’s Properties.
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