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Chelsea is located alongside the River Thames, in the fashionable London Borough of Kensington and Chelsea and is home to some of the capital’s most popular attractions. The Royal Borough of Kensington and Chelsea is an extremely desirable borough for businesses, being the second wealthiest in London, behind Westminster.
On Saturday 19th May 2012, the UEFA Champions League Final took place between Bayern Munich and Chelsea at the Allianz Arena in Munich, Germany. The game was watched by millions worldwide, and so the football-watching world witnessed Chelsea becoming champions of Europe! But will this have an ongoing effect on the property prices in the Borough of Kensington and Chelsea?
Chelsea has always been considered to be a prime residential area in London, boasting some of the most expensive and exclusive residential properties in the country, and attracting a huge range of people looking to buy or rent properties, from young singles to couples and families who are drawn to the fantastic infrastructure Chelsea offers. The borough is immediately to the west of the City of Westminster and to the east of Hammersmith & Fulham, and itself contains a substantial number of city-centre facilities such as major museums and universities, and the department stores Harrods and Harvey Nichols.
Popular culture boosts Chelsea’s profile
With the recent success of E4’s Made in Chelsea, and Chelsea football club winning the Champions League, Chelsea is fast becoming the ‘place to be’. Chelsea Football Club’s owner Roman Abramovich is one of the many international investors who see Chelsea as a safe haven for investment.
However, has the success of E4’s Made in Chelsea and its ‘Champions of Europe’ football team pushed prices up too high and seen smaller businesses and potential start-up companies forced out of the borough as residential values far outweigh commercial ones? John Eden of Morgan Pryce believes that the small supply of offices in Chelsea is decreasing further as “buildings in Chelsea are increasingly being converted from office space to residential, just because they are worth so much more as residential”. According to John, landlords are increasingly looking to change the use of their buildings as there is a much greater demand for residential use, with precedents already set for change of use from office blocks to residential.
Offices in Chelsea belong to a variety of different styles, ranging from townhouses to new-builds and loft space. Thomas Lax, a senior agent at Morgan Pryce, advises that rents start from around £25 per square foot and can reach as much as £45 per square foot for the better buildings, with business rates ranging from £11 to £22 per square foot. With allowances made for service charges, an all-in cost per square foot for offices in Chelsea can be estimated at £41 to £75.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation, and project management and works exclusively for the tenant.