Cadogan profit lifts by a fifth
Cadogan has posted a rise of more than a fifth in annual profit, as well as uplifts to revenue and the valuation of its property portfolio.
Operating profit for 2023 stood at £120.3m, up by 22% on the previous year, with revenue ahead by almost 16% at £216m. The property portfolio valuation rose by 3% to £5.4bn, while the company – which owns more than 90 acres of Chelsea and Knightsbridge – spent a record £231m on acquisitions and developments.
During the year, the company completed its £235m mixed-use scheme the Gaumont, which includes leisure and retail offerings as well as offices and homes, started work on the revamp of Sloane Street transformation and opened At Sloane, its fifth hotel.
Cadogan has posted a rise of more than a fifth in annual profit, as well as uplifts to revenue and the valuation of its property portfolio.
Operating profit for 2023 stood at £120.3m, up by 22% on the previous year, with revenue ahead by almost 16% at £216m. The property portfolio valuation rose by 3% to £5.4bn, while the company – which owns more than 90 acres of Chelsea and Knightsbridge – spent a record £231m on acquisitions and developments.
During the year, the company completed its £235m mixed-use scheme the Gaumont, which includes leisure and retail offerings as well as offices and homes, started work on the revamp of Sloane Street transformation and opened At Sloane, its fifth hotel.
Cadogan invested £4m in community and charitable projects, including £1.1m towards subsidised affordable, community and key worker housing and skills and training opportunities for the local community.
Chief executive Hugh Seaborn said the results “have allowed us to reinforce our clear purpose beyond profit” and take stewardship of the estate, which he described as “driven by enlightened self-interest”.
“I feel it very strongly – the best motive, the most genuine motive, is self-interest for all of us,” he told EG. “And [better] if it can be enlightened, which it is, because we’re able to improve other people’s lives and improve the wider area. I think that works very well for us – and always has.”
Retail rental income grew by more than 10% to a record £96m, while office rental income was up by almost 8% at £38.9m, and residential income grew by 5% to £40.8m.
Image from Cadogan
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