Cadogan Announces 2025 Annual Results

Read a full copy of the report here:
Cadogan 2025 Annual Report

Highlights include:

– Significant investment into public realm to support the long-term prosperity of local businesses, including the revitalisation of Sloane Square

– 3% increase in turnover, 7.6% in operating profit and 2.1% in property portfolio value, reflecting resilient demand and disciplined asset management

– Launch of The Gaumont, a landmark development on the King’s Road, including subsidised ‘creative quarter’

– Footfall across the Estate rose 6.7% and consumer spending increased 5.4%, outperforming central London and underlining Chelsea’s growing appeal as a global destination

– 86 commercial lettings and renewals completed, achieving average rents 11.2% above ERV

– Over £5m committed to community initiatives including subsidised housing, employment support, cultural investment and local charitable projects

– £90million decarbonisation programme delivers 9% reduction in operational landlord emissions and major improvements in energy performance

Cadogan announces strong operational and financial results, reflecting resilient demand across the Estate and continued focus on long-term stewardship. Turnover increased 4.3% to £251.7m (2024: £241.4m), operating profit before capital items rose 7.6% to £150.8m (2024: £140.2m) and the property portfolio value increased by 2.1% to £6bn (2024: £5.7bn).  £206m was invested in acquisitions and developments during the year, including major mixed-use schemes and public realm improvements to strengthen Chelsea’s long-term position as one of the world’s leading destinations to live, work and visit.

Hugh Seaborn, Chief Executive, Cadogan, said: “2025 was a defining year for Chelsea, with a number of major projects completing and contributing to the experience and character of the neighbourhood; from Sloane Street reasserting its position as as one of the world’s leading luxury destinations through its transformation into a beautiful green boulevard, to the revitalisation of Sloane Square and completion of The Gaumont, which is already bringing fresh creative energy to the King’s Road.

Our long-term family ownership means an approach guided by ‘purpose beyond profit’ – balancing investment in the long-term vitality of our community with short-term performance. This is achieved through curating a mix of uses that foster vibrancy, from independent retailers and local artisans to leading global brands and outstanding hospitality operators, while investing in public realm improvements that benefit everyone. A continued focus on creating spaces for great food and drink has led to this year’s openings including Martino’s on Sloane Square and The Trafalgar, the first new pub on the King’s Road in a century.

Cadogan’s strength is in creating beautiful places and a thriving environment that provide a ‘stage’ for our occupiers to succeed. In an increasingly digital world, our power is the ability to curate a place that fosters connection and encourages loyalty through unbeatable experiences. The strong growth in footfall and consumer spend across the Estate during 2025 reflects the success of this approach.”

Investing in neighbourhood success

As a long-term, family-owned property business with concentrated ownership of 93 acres, Cadogan continues to take a holistic approach to estate management. This strategy has contributed to strong occupational demand, positive trading conditions and continued rental growth across the Estate. Key developments and achievements during 2025 include:

– Growing demand for Sloane Street which, despite a challenging environment for luxury retail, saw a 13.9% increase in footfall and 6.2% sales growth following its transformation into a ‘green boulevard’. New brand openings included Erdem, Toteme and Zimmerman

– Revitalisation of Sloane Square through major public realm improvements, creating a more beautiful, welcoming and accessible London landmark

– Successful launch of The Gaumont, with a significant public art installation and anchor lettings to Arket and Mango, strengthening footfall on the King’s Road, alongside establishing a new ‘creative quarter’ to nurture young creative enterprises including BookBar, New Forms, Comics & Cakes, Art Play and The Trafalgar – a new pub with music, comedy and theatre

– Retail vacancy levels reduced to 2.0% (2024: 2.9%) and rents achieved averaged 11.2% above estimated rental value (ERV), with 86 commercial lettings and renewals completed across the portfolio

Alongside retail and hospitality, Cadogan continued to invest heavily in the cultural fabric of Chelsea, recognising the role of arts, events and public activations in sustaining the neighbourhood’s long-term appeal and identity. Chelsea in Bloom celebrated its 20th anniversary, attracting 1.6 million visitors, while the inaugural Chelsea Arts Festival positioned Chelsea within London’s wider cultural calendar and the largest Christmas programme to date delivered significant profile and footfall, including the Ralph Lauren Holiday Experience across Sloane Square and the Ever After Garden in Duke of York Square.

Public art and creative partnerships remain central to Cadogan’s placemaking approach. The unveiling of Shazad Dawood’s large-scale ceramic artwork ‘Cascade’ at The Gaumont, alongside collaborations with Frieze, Saatchi Gallery, London Craft Week and other cultural partners, reinforced Chelsea’s creative heritage while helping to animate streets and public spaces beyond traditional retail and hospitality uses, further strengthening its appeal to residents, visitors and businesses.

A sustainable future

The ‘Chelsea 2030’ strategy was launched five years ago, to ensure sustainability was integrated into every aspect of the business, along with community support and initiatives which deliver positive social impact. Substantial progress has been made across all areas and halfway into this strategy, with the benefit of insight and data analysis to ensure the targets remain impactful and realistic, a strategic review has led to the reporting structure being consolidated under ‘Planet and Place’ and ‘Community and Culture’ to provide greater visibility on progress and impact. Significant progress during 2025 includes:

– Continuation of a £90m decarbonisation programme

– 9% reduction in operational landlord emissions

– 230kW of solar arrays installed, including 240 solar panels retrofitted to Cadogan Hall

– 84% of residential properties now achieving EPC ratings A–C (2024: 79%)

– 99% construction recycling rate across development projects

– Installation of 1,500 sq m of green sedum roofing at The Gaumont

– 4% increase in Urban Greening Factor across the Estate

Creating positive social impact is also core to Cadogan’s stewardship approach. During 2025, over £5m was committed to community and charitable initiatives, including £1.1m annual subsidy supporting keyworker and community housing; significant employment and skills support; reaching over 18,400 of the most disadvantaged and vulnerable residents as Principal Supporter of The Kensington + Chelsea Foundation and funding towards five local grassroots organisations as part of the Cadogan Community Grant Programme.

Portfolio overview

Retail
Retail remains Cadogan’s largest sector, accounting for 45.9% of portfolio value and 43.7% of income. Retail gross rental income increased to £99.5m per annum (2024: £99.0m), supported by strong ERV growth. Demand for high-quality retail space remained robust throughout the year, particularly from brands seeking flagship locations and immersive customer experiences. The Estate continued to attract a blend of global luxury brands, first-to-London concepts and distinctive independents, including Needle & Thread, Mr Marvis, Soeur, BookBar and Comics & Cakes on the King’s Road and Toteme, Erdem and DeMellier on Sloane Street and Sloane Square.

The Gaumont also launched with major anchor lettings to Arket and Mango, while existing occupiers including Ralph Lauren and Jo Malone London committed to enhanced or expanded formats, reflecting continued confidence in Chelsea as one of London’s most compelling retail destinations.

Residential
The residential portfolio remains second in total value after retail, representing 24.3% of portfolio value and 19.5% of income. Rental growth remained positive throughout the year, with gross rents increasing 2.4% to £44.5m, supported by a constant programme of investment in the quality of accommodation and focus on delivering excellent customer service, reflected in a Net Promoter Score of 66.2 (2024: 60.9), significantly ahead of industry benchmarks.

Offices
The office portfolio continued to perform strongly, with vacancy levels remaining low at 2.1% and rents on new lettings achieving 14.8% above ERV.  Demand was driven by Chelsea’s appealing quality, lively community and strong amenity offer, which supports retention and attraction of talent.

Leisure & Other
A strategic focus to create more spaces for food and drink has seen a 70% increase in restaurants, pubs and cafes across the estate since 2020. In 2025, this included the reopening of the legendary 151 Club as The Rex Rooms; The Trafalgar, the first new pub on King’s Road in 100 years – and Italian trattoria Martino’s on Sloane Square.

The Estate’s directly operated hotel portfolio continues to perform well, managed by partners Belmond, Costes, Beaverbrook and Iconic to appeal to both the local community and international visitors. Support continued for cultural venues including Cadogan Hall, the Saatchi Gallery and Royal Court Theatre, in addition to launching the Chelsea Arts Festival and supporting the establishment of the Chelsea Heritage Quarter, ensuring Chelsea remains at the forefront of London’s culture and arts scene.

Additional restaurant and pub concepts are planned for 2026, including Brasserie Olivia on Sloane Square, the first restaurant outside France for renowned Nouvelle Garde group and a new partnership with British film director, Guy Ritchie, to operate The Gloucester on Sloane Street, bringing a contemporary interpretation of the traditional British pub to the luxury retail destination.

Read the full report here:
Cadogan 2025 Annual Report