Developments

We continually invest in maintenance, refurbishment and redevelopment across the Estate, to deliver consistently high quality outcomes for our customers, to respond to rapidly changing markets and to enhance the fabric of the Estate including environmental credentials and historical character. In 2022 our total expenditure on redevelopment and major refurbishments increased to £59.8m (£51.1m in 2021).

We maintained construction activities safely throughout the pandemic with the exception of small residential schemes which were typically in confined spaces where social distancing was challenging. This was considered important to maintain the momentum of our projects and financially support the wide eco-system of contractors and their sub-contractors and employees who we rely on to provide outstanding results.

The majority of construction expenditure in 2022 was in respect of two schemes.

1 SLOANE GARDENS , which is the restoration and conversion of an Edwardian apartment block into a boutique hotel and restaurant. This new hotel, opening in 2023, will be operated on our behalf by the celebrated Parisian hotelier and restaurateur Jean Louis Costes.

196/222 KING’S ROAD is a 100,000 sq ft redevelopment of a large site which will deliver flagship shops to the King’s Road, community retail on Chelsea Manor Street and affordable and market let residential apartments, a Curzon cinema, rooftop bar, public house and an enhanced Waitrose supermarket. We have managed this complex scheme carefully to enable the Waitrose supermarket to remain open despite surrounding construction, due to its importance locally. This development is due to reach practical completion of the shell construction later in 2023, followed by an 18 month fit-out programme for the offices and residential space.

Sloane Street Public Realm is a major scheme in partnership with the Royal Borough of Kensington and Chelsea, to transform Sloane Street into a compelling and elegant space for pedestrians, residents and visitors alike, and to reinforce the street’s position as one of the world’s finest luxury shopping boulevards. The bulk of the £46m expenditure on the scheme will be reflected in our accounts during 2023 and 2024.

Our development pipeline at the end of 2022 comprised 81 projects of which 8 were under construction. The overall pipeline of expenditure was £554m (2021: £489m).

We are constantly aware that our construction activities can and do impact upon those around us. As well as ensuring we respond to our neighbours during construction and mitigate the disturbance where possible, we aim to be exemplary in the way in which we consult and engage locally when preparing a scheme, to understand local concerns and consider how we can respond to them. A programme of regular communication ensures that those people that are affected and/or interested, remain fully informed. Our aim is to be the most trusted local developer and therefore to be able to adapt and respond to changing needs to ensure the area remains relevant and desirable to present and future generations of residents and visitors.