Cadogan Announces 2021 Annual Results
Chelsea’s performance recovers to pre-pandemic levels, significant new retail and hospitality lettings and strong progress on ESG targets
Despite the macro headwinds of 2021, including ongoing restrictions of the pandemic and the outbreak of the Omicron variant, the outlook brightened for Cadogan with community and commercial initiatives at the forefront of Chelsea’s bounceback, along with the launch of a new stewardship strategy ‘Chelsea 2030’.
The business performed well in 2021 within the context of the pandemic and Chelsea has recovered strongly. Total income increased steadily by 4.8% to £168.9m (from £161.1m in 2020), just behind pre-pandemic levels of 2019 (£171.0m). The value of the property portfolio has stabilised at £4.8bn, following cumulative reductions over the previous two years. The commercial portfolio is unchanged at £3.3bn, while residential increased in value by 1.7%.
Commercial activity across the Estate in 2021 was defined by the ongoing investment and support for occupiers set out in 2020 as a response to the pandemic, which resulted in a £20 million Business Community Fund to support businesses and community organisations.
Hugh Seaborn, Chief Executive, Cadogan, said: “Despite some of the most challenging trading conditions in living memory, the business is in robust health with a strong balance sheet supported by tight cost control, high liquidity and long-term funding. This allows us to drive forward our strategies of enhancing Chelsea further as a captivating destination, while supporting the community both now and in the future.”