Chelsea - the BOLTONS

Chelsea - THE BOLTONS Centred around St Mary’s Church, The Boltons area was developed by the Gunter family between 1845 and 1870. The conservation area sits between Old Brompton Road in the north, Fulham Road in the south, Redcliffe Square in the west and Drayton Gardens in the east. The area is dominated by large stucco fronted houses, some of which have been converted and split into apartments. Some of the streets in the area are widely regarded as some of London’s finest addresses, including The Boltons itself – a street divided into two crescents with a communal garden and St Mary’s Church in the centre. The area is internationally popular, but is particularly sought after by buyers and tenants from the UK, Europe, the US and the Middle East. Residents benefit from plenty of local shops and restaurants and have the nearby underground stations at Earls Court, Gloucester Road and South Kensington for easy access in and around the capital. THE BOLTONS sales market Charting the Chelsea sales market What nationalities are buying in the area? Over the past few months we have as usual sold mainly to buyers from the UK Figure 1 and Western Europe but we have also sold to buyers from the Middle East and What is coming to market? Northern Europe. New instructions, past 12 months under £750k 16% What’s the most interesting sale you and your team have £750k to £1.5m 31% been involved in recently? £1.5m to £2.5m 13% We have just sold a house in Tregunter Road that had not been occupied for £2.5m to £3.5m 11% decades. We had a huge amount of interest in it and sold it for a record price for £3.5m to £5m 9% the street despite it needing complete modernisation and there being several over £5m 20% other houses in better condition available on the street. What makes your local market special? The Boltons conservation area is widely recognised as one of the most desirable Figure 2 areas in which to live in London. Unlike many other highly sought after addresses Sales by price band in Prime Central London, it is also an area where most people that live there Exchanges, past 12 months would call home despite having other properties in the UK or abroad. I think this sets it apart as well as the excellent local facilities of course. under £750k 10% £750k to £1.5m 32% Where are the ‘hidden gems’? £1.5m to £2.5m 14% We have just sold a double fronted house in Cresswell Place which was £2.5m to £3.5m 19% particularly special and unlike most of the better properties in the area, was very £3.5m to £5m 8% discreet. I’ve also always loved houses that have direct access to communal over £5m 17% gardens and those houses that have access to Cresswell Gardens are fabulous properties that have wonderful views at the back. How do you think the annual charge and capital gains tax Figure 3 charge on properties bought and owned by non-natural Nationality of our buyers persons will affect your market? Buyers, past 12 months I think that the past year has seen properties under £1.5m in the area become English 37% especially desirable as these come under the threshold for any additional charges and allows investors some room for growth. Now that we have some clarity on the Other 27% government’s policy on this matter and it wasn’t as bad as some had predicted, French 9% I think that the market in excess of this figure will pick up again. The problem over Greek 2% the past year at this level has been one of a lack of stock available to purchase. Italian 9% However, my own feeling is that this is more to do with the lack of fluidity in the Russian 4% lending markets rather than the annual charge and capital gains rules affecting South African 4% non-natural persons. Swedish 4% Contact: James Pace, Partner U.A.E 4% If you have any queries or would like to obtain additional information on the UK or international housing markets please contact the Chelsea Department of Knight Frank. This newsletter is published for information only and should not be relied on in any way. The content does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects, and no legal liability can be accepted by Knight Frank LLP for any loss or damage resulting from any use of or reference to the contents of this document. Reproduction of this newsletter in whole or in part is allowed with proper reference to Chelsea Department of Knight Frank. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Registered office: 55 Baker Street, London, W1U 8AN Chelsea - THE BOLTONS Figure 4 lettingS market Tenancies by price band Exchanges, past 12 months How has your market performed so far this year? under £350 8% The Boltons conservation area remains one of the most sought after locations in £350 to £500 17% London, as such the recent declines in prime London rents have been minimised £500 to £750 31% and the area somewhat sheltered. We have rented some of the areas finest properties throughout the year with a measurable increase in the numbers of £750 to £1,000 16% High Net Worth French nationals seen year on year, if this continues it is in the £1,000 to £1,500 8% hands of Mr Hollande and also London’s ability to attract the global elite, in £1,500+ 20% which I have every possible confidence. Have any particular trends emerged recently in your rental Figure 5 market? Source of our tenants We have achieved the very best results for fully furnished “turn-key” properties. Tenants, past 12 months There is an emerging demand from High Net Worth Tenants for a move to be as International 10% simple as possible with the ability to simply arrive with suitcases and start living from the word go. It’s often a lifestyle choice that brings such tenants to London Office walk-in 17% and it makes sense to pay a premium if the product is right, with minimum Recommendation 14% disruption to hectic schedules. Web 50% Other 9% How do you think the market will fare in the coming months? For well-presented properties in desirable locations such as The Boltons the market will remain positive. Anything that is compromised may find the going a little tougher with potentially increased void periods and declining rents. Figure 6 Family houses have been in demand recently with the seasonality of the house Age of tenants market seemingly a thing of the past. The best houses are being snapped up and Tenants, past 12 months secured for long durations often for three years plus. Overall I believe we will see moderate growth in line with earnings over the next 12 months. <20 0% 20s 11% Contact: David Mumby, Partner 30s 31% 40s 41% 50s 16% 60s 1% 70s 0% The Boltons properties SOLD let Immaculate two Immaculate apartment bedroom flat in a period conversion TREGUNTER ROAD Fawcett Street 2 bedrooms 2 bedrooms £1,450,000 £575 per week SOLD let Family house in Four bedroom prime Chelsea family house HArley Gardens Milborne Grove 4 bedrooms 4 bedrooms £5,950,000 £4,250 per week Knight Frank Chelsea 352a Kings Road, Chelsea, London SW3 5UU +44 (0)20 7349 4300 / [email protected] KnightFrank.co.uk/Chelsea LONDON LIVING From your perfect riverside pied-à-terre to your forever family home, Knight Frank’s London Local Views have it all Visit KnightFrank.co.uk/LocalView to download your copy.

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