FROM DIPLOMATS TO DRAWING ROOMS
Working with The Diplomat Magazine, Wetherell have published a report on the London Embassy market highlighting that over 10% have either sold or are considering a move for either financial or security reasons.
Mayfair and Marylebone have over 41 embassies (out of a London total of 165) that could capitalise on the rise in values of residential especially when there have been increases of up to 60% since 2007.
MOUNT STREET, MAYFAIR RENTALS
The seasonal rental market in Mount Street remains strong with recent lets by Wetherell of a 1 bedroom flat at £950 pw, 2 bedrooms at £3000 pw and a 3 bedroom lateral at £4000 pw. Rental uplift comes from the association of the street’s premium brands and services. This bodes well for other traditional areas of Mayfair that boast premium retail locations like the Bond Streets, Savile Row and Regent Street.
OFFICES TO RESIDENTIAL
Westminster City Council is now increasingly concerned over the loss of commercial space with planning permissions granted for conversion to residential use. They are commissioning a report on limiting permissions or caveating permission with equal amounts of new commercial plus financial offset payments by the developer. This borough wide initiative might have severe effects on the return of residential to Mayfair which is undergoing a revival as a residential area.
Also seen recently are press reports by local traders in prime central London blaming declining sales and revenue on the increasing number of overseas property owners diluting local trade.
Part of the success of London as one of the world’s number one locations is its all round international appeal in finance, culture, security and amenities and talk of restricting overseas purchases would be contrary to its success. Not all retailers offer what the locals require and their failure must not be blamed on overseas buyers who bring in great wealth and vitality to our city.
Take a helicopter ride over Mayfair (if allowed) and you would see very few Penthouses with terraces. Now like the No.11 bus we have three coming on the market at once!