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September 2013

ONLY 589 DAYS TO THE MANSION TAX?
It is morally obscene to regard wealth as an anonymous, tribal product and to talk about “redistributing” it.

This quote from the 1930’s by the novelist and controversial philosopher Ayn Rand might sum up property owners’ opinion on the Liberal Democrats proposal for a yearly “Mansion Tax” at 1% on properties valued over £2 million.

So “politically neutral” is this proposal (i.e. it is an emotive issue but effects few voters) that Labour have jumped on the band wagon and adopted it as policy.

Data of £2m+ sales since January 2006 shows that 75% of them are in London so this threatened levy is a wealth tax on our city, the economic power house that has worked UK plc through the recession. With a date set at 7th May 2015 for the next General Election, this leaves only the Conservatives saying that they are the only party that would NOT introduce a mansion tax. Here’s to the continued economic recovery.

WESTMINSTER MP – MARK FIELD
It will therefore be an interesting meeting I attend next week with Westminster Conservative MP, Mark Field to discuss this and other important issues that affect the Mayfair community. Questions on the table include the widespread nuisance of “Pedi cabs” and whether Mayfair should once again apply for “Stress Area Status” due to the continued growth of late night licenses.

Please email me if you have any questions that you would like raised: [email protected]

STRENGTH OF RENTAL MARKET
August saw Wetherell lead the lettings market with the highest average rent achieved in the area of £3,250 p.w. For September we have just brought to market an amazing newly refurbished period penthouse maisonette just off Grosvenor Square with its own private roof terrace @ £2,950 p.w. (see link at end of email)

MAYFAIR RESIDENTIAL PLANNING SUCCESSES
Westminster City Council has recently granted planning permissions for a number of new residential development schemes that will continue to bring residential life back to Mayfair:

New 90,000 sq.ft. scheme of 36 flats overlooking Green Park
Redevelopment of the Mirabelle Restaurant site for 32 flats in Curzon Street
New mixed use retail and residential scheme of 42 flats in Cork Street

At the turn of the 20th century Mayfair was a wholly residential area with trade servicing the residents. By the 1980’s Grosvenor estimated that residential use had diminished to only a third of its estate. For the last 25 years we have seen the reversion of commercial buildings back to residential combined with a phenomenal rise in the prestige of the retail and offices that now lead the world rankings.

Add to this the internationally renowned services of leisure, food, culture and accommodation now available and it is not surprising that Mayfair is now HOT as THE place to live.

From September 2012 to present day, Wetherell have not only been involved in 44% of all residential sales over £5m but also the same market share in sales up to £1m. In fact over the last 9 years Wetherell have averaged over 20% of Mayfair sales by number and over 25% by value.

MAYFAIR GURU INTERVIEWED AT SCOTT’S
To see how Wetherell have maintained our market dominance and why we continue to be the Mayfair estate agent of choice please click through on the link to WetherellTV and see my interview at Scott’s restaurant. (just over 2 minutes!)
See Mayfair Guru interview

DUBAI
EMAAR, the company that built the Burj Khalifa (the world’s tallest building at 830 m / 2,722 ft) has just released their latest offering at The Address Fountain Views III, a new development with views of the Burj and The Dubai Fountains. 1 bedroom units from 784 sq.ft. start at just over £325,000 between levels 38 – 61.

Please contact [email protected] for further details.

MAYFAIR STOP PRESS

New Sales Instructions:
Upper Grosvenor Street: Popular Portered block. 2 bedrooms @ £2.25m
South Audley Street: Newly decorated 2 bedroom apartment with porter @ £3.75m
Mount Street: Period Top Maisonette of 3 bedrooms @ £3.95m
Culross Street: Newly built wide fronted house behind period façade with swimming pool and outside space. All mod cons with freehold tenure @ £20m

New Rental Instructions:
Mount Street: 1 bedroom in prominent Portered building @ £995 p.w.
Green Street: 3 bedroom lateral with balcony @ £2,250 p.w.
Upper Brook Street: Period charm for penthouse maisonette with private roof terrace @ £2,950 p.w.

MOUNT STREET CHRISTMAS LIGHTS – SAVE THE DATE
With only 92 days left before Christmas it gives me great pleasure to announce that our annual lighting up ceremony for the Christmas lights will be Thursday 21st November.

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