They own more than 3,000 of London’s flats and houses, 300 shops, nine hotels and five churches and have streets, squares and halls named after them in the English capital.
But now, thanks to the coronavirus pandemic, the 300-year-old Cadogan Estates – owned by the enormously wealthy family of the same name – has lost £795million in the past year.
Edward Charles Cadogan, the Viscount Chelsea, who is heir to the vast fortune, revealed his family’s property empire plunged by 14 per cent to £4.8 billion and paid out more than £20million to help struggling tenants deal with the havoc caused by Covid-19.
As well as homes, shops, hotels and churches, Cadogan Estates owns and manages more than 500,000 square feet of office space, five embassies, seven schools and more than 30 restaurants and bars.
The family’s enormous holding makes it the second largest surviving aristocratic estate in London. Only the Duke of Westminster’s Grosvenor Estate pips them to top spot.
The company owes its origins to naturalist Sir Hans Sloane, who is best known for founding the British Museum when, on his death in 1753, he bequeathed 71,000 artefacts which he had collected during his lifetime.
They own more than 3,000 of London’s flats and houses, 300 shops, nine hotels and five churches and have streets, squares and halls named after them in the English capital. But now, thanks to the coronavirus pandemic, the 300-year-old Cadogan Estates – owned by the enormously wealthy family of the same name – has lost £795million in the past year. Above: The 8th Earl Cadogan with his wife Dorothy (left); the Earl’s son Edward, Viscount Chelsea with his wife in 2014. The couple separated in 2017
As well as homes, shops, hotels and churches, Cadogan Estates owns and manages more than 500,000 square feet of office space, five embassies, seven schools and more than 30 restaurants and bars
His daughter, Elizabeth, married Charles, 2nd Baron Cadogan, meaning that her father’s remaining assets – which were considerable – passed into the Cadogan family when he died.
Charles ‘Sloane’ Cadogan – the couple’s son – then became the 1st Earl Cadogan when he inherited the estate in 1776.
Even though his first wife died young, the 1st Earl had a total of 14 children and found the time to be an influential Member of Parliament whilst also having strong links to the Royal Family.
He was Surveyor of his Majesty’s Gardens and Waters, Treasurer to the Duke of York and Master Worker of His Majesty’s Mint.
In 1777, the Cadogans sold the lease for what was then ‘Hans Town’ – a new development built in the countryside.
The family owned numerous properties on King’s Road near to Sloane Square tube station
Among them are the Cadogan Hotel, Sloane Street, the Cadogan Hall and Duke of York Square
The company owes its origins to naturalist Sir Hans Sloane, who is best known for founding the British Museum when, on his death in 1753, he bequeathed 71,000 artefacts which he had collected during his lifetime
Rental income fell by 4.8 per cent and the total rent roll fell by 1.9 per cent from £171million to £167.8million as businesses folded. Pictured, residential areas of Kensington and Chelsea
Viscount Chelsea’s daughter Philippa (pictured left in 2014 and right in 2008) is an interior designer. In March this year, it was reported that she became engaged to Swedish man Christian von Celsing, 28
This area, designed by architect Henry Holland, saw the creation of the now famous Sloane Square and Sloane Street and also linked Knightsbridge with the King’s Road.
Houses – which still stand to this day – were also built on the huge 90-acre site.
On Sir Charles’s death in 1807, the estate passed to his eldest son Charles, the 2nd Earl Cadogan.
Unfortunately for him, Charles inherited his mother’s mental illness of psychosis, meaning he was too ill to run the Estate.
Instead, it was looked after by the firm’s trustees – who were influential businessmen of the time.
The 3rd Earl Cadogan, whose first name was George, had a more distinguished impact. Born in 1783, he went on to command the frigate HMS Havannah – which was involved in the 1813/1814 War of the Sixth Coalition
The conflict saw French dictator Napoleon Bonaparte driven into exile, ending his tyrannical influence.
When the Earl returned to Britain, he was rewarded by being made Companion of the Order of Bath (CBE) – a now purely symbolic honour which is still awarded by the Queen.
In 1830, the Cadogan Estate’s King’s Road – which since the 17th Century had been a private road for monarch’s use – was made public.
At the time, artists and ‘bohemian’ people of influence were starting to settle in the area.
Their legacy – of a rich array of independent shops, restaurants and bars – is still visible today in the famous Chelsea destination.
Artists who opted to settle there included JMW Turner, William Morris and Edward Burne-Jones.
Now well into the Victorian period, the Cadogan family blossomed further when Henry, the 4th Earl, married the daughter of Tory Prime Minister the Duke of Wellington, who defeated Napoleon at the Battle of Waterloo in 1815.
It was George, the 5th Earl Cadogan, who is known for shaping the Estate which is dominant in the capital today.
The 5th Earl served as a politician in the governments of Conservative Prime Ministers Benjamin Disraeli and Lord Salisbury and also became Chelsea’s first elected mayor.
His London home was Chelsea House, which once stood on the corner of Cadogan Place and Lowndes Street.
In 1868, the Cadogan Estate added another imprint on London with the opening of Sloane Square Station, which linked Chelsea to the new rail infrastructure which was spreading across the country.
The 5th Earl also commissioned what was then cutting-edge architecture of red brick buildings which remain so iconic in London.
Cadogan Square – the ‘jewel in the crown’ – and the Royal Theatre at Sloane Square, as well as Holy Trinity Church on Sloane Street, were all built under the 5th Earl’s direction.
In 1874, the famous Chelsea Embankment – which included a new sewer system which improved the cleanliness of the River Thames – was finished.
George’s son, the Sixth Earl, was a trustee of the British Museum and also President of Chelsea Football Club.
In the Second World War, the estate was hammered by bombs – one of which destroyed Sloan Square station.
However, the Estate did give over terraces of homes to house troops, who used the buildings’ roofs to fire anti-aircraft guns at German planes dropping bombs from above.
William, the 7th Earl, served in the Allied victory at El Alamein in the Second World War and was awarded the Military Cross.
The company owes its origins to naturalist Sir Hans Sloane, who is best known for founding the British Museum when, on his death in 1753, he bequeathed 71,000 artefacts which he collected during his lifetime. Above: Hans Crescent, in Kensington, is a sign of Sloane’s enduring influence
The Cadogan Estate also owns the famous King’s Road in Chelsea, which is a hub for shops and resturants
Hans Sloane’s daughter Elizabeth married Charles, 2nd Baron Cadogan (left), meaning that her father’s remaining assets – which were considerable – passed into the Cadogan family when he died. Right: Charles ‘Sloane’ Cadogan – the couple’s son – then became the 1st Earl Cadogan when he inherited the estate in 1776. Even though his first wife died young, the 1st Earl had a total of 14 children and found the time to be an influential Member of Parliament whilst also having strong links to the Royal Family. He was Surveyor of his Majesty’s Gardens and Waters, Treasurer to the Duke of York and Master Worker of His Majesty’s Mint
He was the last mayor of Chelsea before it merged with the Royal Borough of Kensington in 1964.
His son Charles, the 8th Earl, who is now 84, is personally worth an estimated £6.8billion. He has been married three times. He and his current wife, Dorothy, tied the knot in 1994.
The 8th Earl’s heir, the current Viscount Chelsea, said today that the UK had been hit by the ‘worst fall in GDP in history’.
He said the family business was ‘in the enviable position of being long-term’, ‘with capital strength and high-quality assets’.
Despite this, the chairman had to admit coronavirus lockdowns had hit the business ‘considerably’.
Rental income fell by 4.8 per cent and the total rent roll fell by 1.9 per cent from £171million to £167.8million as businesses folded and residents moved to the countryside.
Hugh Seaborn, Cadogan chief executive, said the business responded to failed businesses by filling empty units with pop-up shops ‘to maintain the vibrancy of the area’.
He added: ‘We have virtually no vacant property in the commercial portfolio.’
Total income fell to £161.1million across the estates residential and commercial properties, and its value plunged by 14 per cent.
In a bid to encourage shoppers back to the area, Cadogan spent the last year working with the Royal Borough of Kensington and Chelsea to pedestrianise Pavilion Road (pictured) and install 900 outside dining seats.
Viscount Chelsea also revealed a £20million Business Community Fund had been set up to help the businesses renting shops from the estate.
The £795.2million loss in value was caused mostly by retail, down 24.6 per cent, but also residential, which was down 5.7 per cent.
The estate owns more than £1.5billion in housing stock in Chelsea, which it rents out.
Viscount Chelsea added: ‘As I live in Chelsea, I was able to see at first hand the impact of the pandemic on daily life in the neighbourhood.’
Meanwhile, Mr Seaborn said the estate’s value was reaching its lowest point but would soon ‘stabilise’.
The value of the estate’s housing has fallen by 23 per cent since the market peaked in 2014.
Gross rents across the company’s residential portfolio fell by 9.1 per cent to £30.1million and operating profits fell eight per cent year on year to £97million.
Mr Seaborn admitted the coronavirus pandemic had pushed retailers to close shops in favour of online sales, but he said ‘they still require bricks and mortar stores to convey their brand’.
He pointed to renewed interest in storefronts on Kings Road and Sloane Street following the country’s unlocking.
Cadogan revealed on Wednesday it had agreed to take a portion of turnover rather than a fixed rent from its occupiers.
In a bid to encourage shoppers back to the area, Cadogan Estates spent the last year working with the Royal Borough of Kensington and Chelsea to pedestrianise Pavilion Road (pictured) and install 900 outside dining seats
Viscount Chelsea revealed a £20million Business Community Fund had been set up to help the businesses renting shops from the estate. Pictured, The Oriel brasserie in Sloane Square
Now well into the Victorian period, the Cadogan family blossomed further when Henry, the 4th Earl (left), married the daughter of Tory Prime Minister the Duke of Wellington, who defeated Napoleon at the Battle of Waterloo in 1815. It was George, the 5th Earl Cadogan, who is known for shaping the Estate which is dominant in the capital today
Cadogan Square – the ‘jewel in the crown’ – and the Royal Theatre at Sloane Square, as well as Holy Trinity Church (pictured) on Sloane Street, were all built under the 5th Earl’s direction
Meanwhile, in a bid to encourage shoppers back to the area, Cadogan spent the last year working with the Royal Borough of Kensington and Chelsea to pedestrianise Pavilion Road and install 900 outside dining seats.
Mr Ibrahimi, Director of Propertalis, told MailOnline the area had taken a serious financial hit because of Brexit, high stamp duty and coronavirus.
He added: ‘ There hasn’t been a massive increase in prices but there has been a massive decrease in sales. I don’t know the number in Chelsea, but in London from May 2020 to end of April 2021 there have been 29 per cent less sales.
‘There were just 7,800 properties sold that were worth over a million pounds. Bearing in mind we had a big rush from the stamp duty holiday in that time.’
He said the hardest hit market for sales during the pandemic was the luxury market.
Another expert, Nick Dawson, a regional partner at Garrington who has spent 25 years in luxury property, told MailOnline buyers can expect to see a boom in property prices once overseas travel is opened again.
He added: ‘So much of the focus is on the domestic market. Once travel restrictions are lifted we’ll see a second bump, a surge of the growth rate because domestic buyers will face competition from overseas.
‘My prediction is prices will increase. If you’re aiming to buy, buy as soon as you can before the overseas market returns.’
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