Member Article

Chelsea developer broadens its horizons with £7m Sevenoaks acquisition

Martin’s Properties, the Chelsea-based property developer, has moved to diversify its portfolio with the multi-million pound acquisition of an office plot in Kent.

The investor and property development business has acquired 16 South Park, a three-storey multi-let office building in Sevenoaks for £7.1m from current owners The Milton Group.

Encompassing 20,199 sq ft along with 59 parking spaces, the building sits within the heart of Sevenoaks town centre with local amenities and the town’s railway station nearby.

Richard Bourne, Property Director, Martin’s Properties, revealed that the property firm would now embark on a ‘programme of refurbishment’ and ‘asset management’ at the building.

He said: “We are delighted to have secured this asset which has immense growth potential as a key business district in the region. Its location close to the M25 and London with excellent train links make it a strong regional office location. There is a shortage of supply and strong demand, therefore we expect rents to increase.”

The building itself is currently let to a varied pool of tenants including Sanlam Private Investments, a global financial services business, Densitron Technologies, a leading supplier of electronic displays, Rix & Kay Solicitors, a leading multi-regional law firm and Warners Law, one of the leading law firms in Kent.

Tom Martin, Chief Executive, Martin’s Properties, said that the acquisition would form part of the firm’s strategy to diversify its portfolios, particularly in light of the slowdown in the capital’s property market.

He commented: “This acquisition is part of our strategy to diversify our portfolio and generate strong risk adjusted returns, both in terms of income and capital growth.

“Martins Properties are seeking new investment and development opportunities across all sectors in regional Southern England (£5-10m lot sizes) and in Prime Central London Boroughs (£10-£20m lot sizes).”

Martin’s Properties was advised by JLL, Milton Group was advised by Lewis Ellis LLP.