£7.5m Chelsea Chapel Could Be Worth £25m When Redeveloped

A disused chapel in Chelsea that is on the market for £7.5m could be worth £25m once it is redeveloped, the selling agent suggests.

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 bedroomed house.

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 £25m.”

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.

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Source Russell Simpson
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