Featured property...
Sprimont House, 26-30 Old Church Street, Old Chelsea, London, SW3 5DQ
Key details...
Boutique townhouse part of a development of four lateral apartments and one other townhouse.
Sprimont House is a modern interpretation of a traditional Chelsea townhouse, boasting an abundance of light, space and luxury.
The property spans 3,821 square feet over four floors and has four bedrooms, an elevator, a kitchen, and a dining and living room wrapped around an interior courtyard.
Its interior was designed by award-winning company Andrew Martin, which boasts commercial clients including Jumeirah Group, Marriott Hotels, El Lodge and the Mandarin Oriental.
These interiors can be seen in the gallery above.
The backstory...
Sprimont House sits on the site of the Chelsea Porcelain Factory.
England’s inaugural porcelain factory, it began production around 1745 and kick-started the country’s porcelain revolution.
It enjoyed royal patronage, and The Queen Mother was a devotee of its botanical tableware which is still being produced today.
The factory played a pivotal role in the area’s arts and crafts history – Chelsea’s inherent creative spirit was born in the 18th century when craftspeople made the porcelain famous worldwide.
The artistic area...
Sprimont House lies in the heart of Old Chelsea on Old Church Street, near the River Thames and set back from the array of shops, cafes and eateries found on London’s King’s Road.
For those with a penchant for expensive shoes, Sprimont House couldn’t be more aptly located, just a few feet away from the world-renowned Manolo Blahnik shoe store.
Over the years, celebrities have hot-footed it to the premises in their droves, including Marianne Faithfull, Bianca Jagger, Paloma Picasso, David Bowie, Rupert Everett and David Hockney.
While the brand now has 17 flagship stores globally, the Old Church Street boutique remains the creative heart of the empire.
Creativity is the area’s calling card, and Old Church Street is also home to Sound Techniques, a small recording studio in a former dairy which opened its doors in the 1960s.
Artists and bands who made seminal albums there include Nick Drake, John Martyn, Pink Floyd, Fairport Convention and Jethro Tull.
A creative bunch indeed, but nothing eclipses the world-famous Chelsea Arts Club in the creativity stakes.
Founded in 1891 by a local group of artists, led by the painter James Abbott Mcneill Whistler, it began its life on King’s Road but in 1901 migrated to Old Church Street.
Today the exclusive club has over 2,400 members, including painters, sculptors, architects, writers, poets, actors, musicians, dancers, filmmakers and photographers.
Unlike the UK’s state school system, admittance is meritocratic, so proximity to the club won’t help the future Sprimont House owner get in. However, living in the artisanal property might just provide the ambient inspiration to pen a work of enough creative merit to open the door.
What the brokers say...
“Chelsea has always had enduring appeal to top international investors due to its world-class schools, shops and restaurants in a historic British setting,” said Richard Bourne, managing director of Martin’s Properties.
“Our development at Old Church Street sits discreetly and securely on one of the finest streets in the area, ideally located for the famous King’s Road, Knightsbridge and South Kensington, yet moments from the River Thames.
“There are numerous amenities on the doorstep, including the exclusive shops and restaurants of the King’s Road, as well as Sloane Street and Sloane Square. Battersea Park with its 200 acres of parkland and lakes is close by for rest and relaxation.
“Our vision for the development at Old Church Street was to create a modern day interpretation of the Chelsea Townhouse with all the benefits that brings, against a backdrop of living in one of the most desirable areas in London.”
Sprimont House is on sale with Martin’s Properties
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Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
RACE CARD
5pm: Maiden (PA) Dh80,000 1,400m
5.30pm: Maiden (PA) Dh80,000 1,200m
6pm: Arabian Triple Crown Round-1 (PA) Listed Dh230,000 1,600m
6.30pm: HH The President’s Cup (PA) Group 1 Dh2.5million 2,200m
7pm: HH The President’s Cup (TB) Listed Dh380,000 1,400m
7.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,200m.
INFO
What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Family reunited
Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.
The couple were married in August 2009 in Winchester and their daughter was born in June 2014.
She was held in her native country a year later.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
