Chelsea-based Martin’s Properties can be revealed as the company that gobbled up the iconic building vacated by McDonald’s on the King’s Road.
The company, which has operated in Chelsea since it was founded in 1946, swooped early when it became clear that the fast food chain wanted to cash in its chips.
The Citizen kept details of the buyer behind a potential deal under wraps until it was sealed and contracts were exchanged. Martin’s – which bills itself as “a dynamic family-owned business with assets of approximately £400m” – has now secured the building with metal plates to stop any chance of access by squatters or trespassers.
The building at No.49 was a celebrated fixture in Chelsea throughout the 1960s when it was known as The Chelsea Drugstore. It featured in the lyrics of the classic Rolling Stones song You Can’t Always Get What You Want and it was used as a location in a scene for the movie A Clockwork Orange.
Brook Stotesbury, Head of Commercial Asset Management and Investment at Martin’s Properties, said: ‘We are delighted to have acquired this prestigious property after McDonald’s closed its doors. We are now considering the future of the site to ensure that it can be brought back into use as soon as possible. In the meantime, we are securing the building to ensure that it does not fall into ill repair or become an eyesore for the local community.’
In another major deal for Martin’s, it has confirmed the sale of the Picturehouse cinema on Fulham Road. The landmark 1930 building, which had been owned by Martin’s since 2002, has been acquired by a “mixed-use leisure operator”, although the identity of the company is currently being withheld. It is believed that at least two cinema screens will be maintained within a new residential development.
Richard Bourne, Martin’s Properties CEO, said: ‘The opportunity arose to reposition the property once Cineworld vacated last year. Our professional team worked closely with RBKC’s historic buildings advisors to create viable options to refurbish, extend and bring the building back to life. As a landmark property, our proposals for 142 Fulham Road offered a rare opportunity which we presented to potential occupiers.
‘The sale of the property, and others in our portfolio, enables us to redeploy around £60m of capital into new acquisitions across London and Southern England – focusing on value-add opportunities and using the full breadth of services we have across the business.’
Tom Martin, Chairman of Martin’s Properties, added: ‘Having held this iconic property as part of our UK portfolio for 22 years (sic), we are pleased to be passing it over to a new owner/occupier who will treasure the building and leverage the opportunity for its community use for the next phase of its life.
‘We are delighted that the purchaser wanted to acquire the site to sensitively bring the building back into active leisure use for local families and the community, with plans likely to retain two of the six cinema screens.’
Photo: Rob McGibbon for The Chelsea Citizen
James Donger, Director of Savills Development Land, which acted as advisor on the sale, said: ‘Savills is incredibly pleased to have been involved in this important sale. The new owner’s vision for this local cherished site will undoubtedly contribute positively to the area, and we look forward to working closely with them as their mixed-use scheme takes shape.’
Editor’s Note: The Citizen has asked Martin’s to keep us fully up-dated with any decisions as regards both sites. We are particularly interested to know if residents can have any say in the choice of new tenant at No.49 King’s Road, not least because McDonald’s was not always the best bedfellow for the residents of Royal Avenue. The Citizen will keep readers in the loop…
