Annual Report 2012 - Cadogan

CHIEF ExECUTIVE’S REVIEW 31 DECEMBER 2012
Developments
Development expenditure rose in 2012, as compared to
a relatively quiet year in 2011. Total development
expenditure in 2012 was a shade under £20 million and
covered a wide variety of small and medium-size projects.
There was significant activity also in planning and
preparatory work on a number of future schemes, most
notable of which is the redevelopment of Liscartan and
Granville Houses at 127 – 135 Sloane Street.
Major completed projects include the reconfiguration of
the three large retail units at 201 – 206 Sloane Street. Our
work on these units was completed in the autumn and all
three were handed over to their new tenants before the
year end. We completed the major refurbishment of 18
serviced apartments units at 13 – 19 Sloane Gardens
which are subject to a management contract. We also
completed the refurbishment of a number of houses in
Oakley Gardens and the conversion into three flats of a
house in Tedworth Square.
We are also nearing completion of two residential
schemes at 107/109 Cadogan Gardens and 21/22 Hans
Place. Completion of the 13 residential units will provide
a substantial boost to the quality of our residential letting
portfolio.
As noted above we have been working hard preparing for
the redevelopment of 127 – 135 Sloane Street. We have
met our original timetable for the commencement of this
development and the site was handed over to the
contractor, Mace, in February of this year. The
development programme envisages completion in the first
half of 2015. Once complete, this scheme will provide
45,000 ft.² of Grade A office space over five floors, and
approximately 50,000 ft.² of retail space, including six
large retail units fronting onto Sloane Street, and a new
restaurant unit on Pavilion Road.
This high quality development will further enhance the
attraction of the Sloane Square area, which has seen the
opening of Café Colbert and Rag and Bone in 2012, and
where we have a number of other attractive retail lettings
in the pipeline.
8