The Cadogan Estate has bought a prime mixed-use on London's famous King's Road fashion thoroughfare in the heart of its long-term stomping ground for £38.5 million, or a net initial yield of 3.67%.
Sidney Smith Chelsea, the vehicle for a high net worth private family client of Mark Phillipson's Eccelston Capital, has sold the freehold interest in 36-42 and 52 Kings Road, or the Sidney Smith buildings.
The assets are mid-terrace period buildings totalling 16,347 square feet, providing 7,612 square feet of retail, 2,840 square feet of offices, and 5,895 square feet of residential accommodation.
The asset at 36-42 King's Road has been in the same family ownership for over 100 years and includes two prominent flagship shops let to fashion brands Lululemon and The Kooples.
Colliers advised the vendor while RX London advised Cadogan.
Colliers said the sale had established a new benchmark for the street in a Linkedin post.
Cadogan oversees around 93 acres around Sloane Square and the King's Road, which it has owned since the turn of the 18th century. Earlier this month it posted a 5.4% or £263 million increase in its portfolio to £5.1 billion in financial results for the year ended 31 December 2022.
The results showed the estate emerging strongly from the pandemic as well as batting off the value declines that have bedevilled UK property since interest rate rises in the second half of last year.
Lord Cadogan, the head of the landed estate, died aged 86 this month.