Russell Simpson’s market comment on “Chelsea Micro-Markets”
- By Jake Russell
- 02 October 2014
RUSSELL SIMPSON REPORT EXPLORES THE SIX DISTRICTS OF CHELSEA
Russell Simpson highlight that the 2,965 acres that form what we all think of as Chelsea is not just one district, it’s actually six distinct hamlets or micro-markets, each with their own features, buyer profiles and top addresses, comprising; Old Chelsea, Burton Court, Chelsea Green, Chelsea Town, The Boltons, West Chelsea.
Latest figures from Lonres show that, in the past 12 months up to April 2014, 57 prime properties valued over £5M have sold in Chelsea, averaging £2,396 per sq. ft. outselling neighbouring Kensington.
Alan Russell of Russell Simpson, said: “With over 35 years of experience in the Chelsea property market, we have a formidable knowledge of Chelsea’s micro-markets, types of buyers and favoured addresses. This review details a great deal of what there is to know about the local neighbourhoods of Chelsea, offering a detailed insight into one of London’s oldest and most famous residential areas.
Old Chelsea has been an area popular with the wealthy, as well as the artistic fraternity, throughout history. First used as a residential base for the Saxon maritime industry, transporting chalk from the River Thames, the residential base for royals and their advisors, as well as producing the world famous Chelsea China before the porcelain works on Lawrence Street closed in the 18th Century.
- Flat prices: £2M – £5M
- House Prices: £3M – £50M
- Why Buy: Historic ambience and waterfront location
- Who Buys: International buyers (Russian, American and European), high-net worth couples and families
- Best address: Old Church Street, Cheyne Walk, Upper Cheyne Row Lawrence Street
Once home to Oscar Wilde, who resided in Tite Street and once the English retreat of American filmmaker, Joseph Losey, Burton Court is Chelsea’s ‘Intellectual Quarter’ according to Russell Simpson. Various art galleries, including the Saatchi Gallery, the vast green space of Ranelagh Gardens and Burton’s Court Green and the location of Chelsea Library, Burton Court provides a calm retreat from busy inner city life.
- Flat prices: £1M – £6M
- House prices: £4M – £15M
- Why Buy: Close to sporting areas (Tennis, cricket), RHS Chelsea Flower Show, grand views, Royal Hospital, museums
- Who Buys: Downsizers (area provides lateral flats with good views), socialites, families, intellectuals, investors, pied-a-terre
- Best addresses: Franklins Row, St. Leonard’s Terrace, Smith Terrace
Chelsea Green, located in the north east corner of Chelsea is described as a ‘village within the city’ by Russell Simpson. A number of local outlets, butchers, fishmongers and restaurants, based around Elystan Street, produce a traditional village ambience and sense of local community.
- Flat prices: £1M – £4M
- House prices: £2M – £12M
- Why Buy: Village ambience, local produce and shops create local community feel, close to top language schools
- Who Buys: ‘Chelsea locals’, young continentals, investors
- Best addresses: Markham Street, Jubilee Place
Chelsea Town is located along the north side of the King’s Road, stretching along most of its entirety. The array of high-end boutiques, art galleries and Michelin starred restaurants based along the King’s Road attracts wealthy internationals that enjoy having luxury on their doorstep.
- Flat prices: £750K – £35M
- House prices: £5M – £25M
- Why Buy: Good family houses, Manresa Road development, large lateral flats, good restaurants, close to South Kensington
- Who Buys: Families, investors, international purchasers (Saudi Arabians, Africans and Russians)
- Best addresses: Manresa Road, Chelsea Square
The Boltons is one of the best places to live in Chelsea according to the Russell Simpson report. Providing large private garden spaces, terraced gardens and garden squares, properties in The Boltons are perfect for families, with strong transport links to the West of England (A4, M4) for weekend breaks, as well as easy connections into Central London.
- Flat prices: £1M – £10M
- House prices: £5M – £80M
- Why Buy: Strong transport links to west of England (A4, M4), big garden terraces for families, family houses, ‘Hollywood Road community’
- Who Buys: families, young professionals
- Best addresses: The Boltons, Gilston Road, Tregunter Road, The Little Boltons, Harley Gardens
Popular with young affluent Chelsea residents, West Chelsea is the home of ‘The Chelsea Beach’ a stretch of bars and restaurants along Fulham Road, which can boast the young royals, Princes William and Harry, as well as the Middletons as regular visitors.
- Flat prices: £500K – £4M
- House prices: £2M – £10M
- Why Buy: Good transport links via Earl’s Court, galleries, price competitive properties, close to ‘The Beach’, on the edge of Chelsea
- Who Buys: Young crowd (First Time Buyers, young families)
- Best addresses: Chelsea Park Gardens, Netherton Grove, Gertrude Street, Park Walk