Exit #17: Chelsea Harbour
Location: UK, London
Asset Sub Class: Mixed use
Strategy: Repositioning
Mansford led a consortium of investors in the acquisition of the renowned Chelsea Harbour development in West London. Chelsea Harbour was developed in the 1980s on 16.6 acres of prime riverside land and comprises three major commercial buildings, a hotel, yacht club and marina. The residential element comprised the landmark twenty one storey Belvedere tower and seven other apartment blocks all held by owner occupiers on long leases. The commercial element comprised over 260,000 square feet and the management of over 250 tenants.
The asset offered significant opportunities to enhance value by active management, notably through the promotion and re-branding of the design centre into Europe’s foremost specialist centre for the interior design industry. Additionally Mansford conducted the refurbishment and leasing of vacant space, rent reviews and the restructuring of the car park. The investment was successfully exited producing an IRR of 23.6% and a 2.8x return on equity.