A disused chapel in Chelsea that is on the
market for £7.5m could be worth £25m once it is redeveloped, the selling agent
St Luke’s Chapel on Rose Square is within
the gated Bromptons Development of luxury apartments in SW3, which offers
residents a range of amenities and a concierge service. The chapel comes
complete with extensive plans and planning permission to convert it into a five
Agent Russell Simpson’s
sales brochure provides an estimate of building and development costs of circa
£5.48m together with an appraisal of the project’s likely completed market
value. It says: “The opportunity to convert an historic and significant
building such as St Luke’s is a rare and exciting prospect leaving few true
comparables in the market.
“However, there are two
notable developments that have been undertaken in chapels in the past 10 years.
When we take into consideration the different strengths and weaknesses of the
three schemes and the current market sentiment as outlined above we are
confident that the achievable end value for St Luke’s Chapel is in excess of
Conversions of redundant
religious buildings for residential use are, of course, nothing new. However,
this is a religious conversion on an absolutely superlative scale. The
valuation most likely reflects that, on completion, the chapel will not only be
a unique home but one in a very desirable location too.