Chelsea & Earl's Court

Chelsea & Earl's Court
 
New build comes into its own

5 December 2016, by Kirsty Bennison

With tighter planning regulations for those looking to improve their homes, high-quality new build developments will become more popular

 

For the established residential markets of Chelsea and Earl’s Court, new build development is typically characterised by period façade refurbishments and small-scale, low-rise luxury schemes. These schemes have been popular with downsizers as well as those looking to upgrade, reflecting the fact that the Chelsea and Earl’s Court area is largely an owner-occupier market.

Historically, new build supply has been relatively limited with only 700 private homes completing over the last five years. Nearly 90% of historic schemes were of 20 homes or less in size.

However, over recent years a number of developments of over 100 units in size have started to emerge. There are 19 schemes currently under construction in Chelsea and Earl’s Court, set to deliver c.1,600 private homes. Of these schemes, three are over 200 private homes in size.

Lillie Square by Capital and Counties and KFI is a 608 private home scheme on Seagrave Road which forms part of the 77-acre Masterplan for the redevelopment of Earl’s Court. Overlooking the river Thames is the redevelopment of the historic Lots Road power station. Chelsea Waterfront, the 424 private home scheme, sits across the Kensington and Chelsea and Hammersmith and Fulham boundary. The scheme is being developed by the Hong Kong based Cheung Kong Property Group and Phase 1 is due to complete at the end of 2017. On the very western edge of Chelsea, bordering Belgravia, is Chelsea Barracks, a 326 private home luxury development by Qatari Diar.

Key future developments in the pipeline include the long-awaited development of the John Lewis Clearings site on Draycott Avenue and the former Chelsea police station on Lucan Place.

Looking forward, new build developments will likely become ever more sought after in Chelsea and Earl’s Court due to the tightening of planning regulations for those looking to improve their homes.

Most recently for example, the Royal Borough of Kensington and Chelsea has tightened planning regulations on the building of ‘mega-basements’ and on applications to combine homes, meaning there is constant demand for large lateral living space in this part of prime London.

New build sales at the very top end of the market are already taking an increasing market share of transactions as more and more buyers increasingly choose quality and the additional amenity provision that schemes offer.

 

 
The first phase of Chelsea Waterfront is due to complete at the end of 2017

▲ The first phase of Chelsea Waterfront is due to complete at the end of 2017

placeholder

Subscribe to Savills research

 

Would you like to be notified via email about new research?