Around the Duchy

London

Commercial Portfolio

The Commercial Portfolio is based on historic assets in London which range from office premises to the Oval Cricket Ground within the Manor of Kennington.

Over the last 15 years the portfolio has expanded with investments in a variety of commercial properties outside London. In 2005 the Duchy took the strategic decision to sell the retail property portfolio within its holdings. Currently the commercial portfolio is valued at £75 million.

Kennington – History

The Manor of Kennington formed part of the original Duchy Estate under the Charter of 1337, and although it is hard to imagine it today, the land was largely agricultural. It was the building of Vauxhall Bridge in 1812 and Waterloo Bridge in 1817 which opened the way for development in this part of the Duchy as London began to spread.

In 1854 the improvement scheme known as Vauxhall Model Lodging Houses appears to have been the Duchy’s first direct involvement with housing in South London. In 1893 several tenement flats were begun such as those on Sancroft Street and Chester Way. By the early nineteen hundreds there was scope for re-building whole tracts of Kennington, beginning with the cottages in Denny Street, followed by the construction of Courtenay Square and Cardigan Street.

During the 1920s and 1930s some significant sites were sold notably to the Navy, Army and Air Force Institutes (NAAFI) and to the London County Council. During World War II the estate survived largely intact but some rebuilding work was needed in the Newburn Street area. During the 1950s several large office buildings were built and as this involved the demolition of some housing stock, two blocks of flats with small bed-sit or one-bedroom units were built and designed to accommodate professional single people.

By the late 1980s the Manor of Kennington covered some 16 hectares, mainly residential, but with a good deal of diverse commercial property.

Kennington – Residential Properties

A sale of the majority of the residential estate was made to London & Quadrant, a housing association, in July 1990. This large step for the Duchy has been a considerable success. London & Quadrant has invested significantly in the estate, breathing new life into older properties which are regarded with affection by the close-knit and vibrant community.

Approximately 50 flats and houses remain within the Duchy’s portfolio and these have an important role. So much so that the Duchy has adopted a policy of retention and now refurbishes and re-lets rather than selling if a vacancy arises.

Beyond that the Duchy has responded to the needs of residents facing difficulties. The elderly have been finding that their income from savings has fallen dramatically in line with interest rates – at a time of rising rents. Following a visit to Kennington by The Duke of Cornwall in January 2002, the Duchy has decided to freeze rents for those facing hardship in this particular group.

Kennington – The Oval Cricket Ground

The first cricket match was played here in May 1845 and eventually the Surrey Club became the sole leaseholder of the ground in 1874. In the years afterwards, many improvements were carried out including the rebuilding of the Pavilion in 1895 to 1897.

More recently, work to give the ground a facelift and to build the OCS stand began in February 2004. This was finished on time for the two one-day internationals and then played host to the fifth and final npower Ashes Test in September 2005, the scene of a now famous victory.

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