Only 10% of the Mayfair market is houses for sale and only a third of these are under £10 million. There are only two available between £5M – £10M.
This extremely rare new build house behind a period listed façade in Curzon Street has just been launched by Wetherell at £9.995M.
With an amazing oversized hallway with sweeping “Gone with the Wind” staircase plus a private patio garden; this re-modelled freehold town house of 3,863 sq.ft. offers 4 bedrooms and is attractively priced at just over £2,500 p.s.f.
In the early 1960’s a block of period houses in southern Mayfair were demolished to make way for the “marmite” of Mayfair buildings – The Hilton Park Lane, which opened in 1963 at a cost of £8 million and at the time the tallest multi-storey building in London.
Today, London & Regional Properties have logged a planning application for the facelift of the building after nearly 60 years to create a large new garden at the rear, new remodeled public space at the front of the hotel to create “a tranquil oasis off Park Lane” and the most exciting vision of all; the creation of private residences on the upper floors of the building with views straight into the gardens of Buckingham Palace and all over Mayfair and central London.
If you want to experience the view as a preview – book into Galvin at Windows Restaurant & Bar on the 27th floor.
There are currently only 15 flats for sale between £1M – £1.5M.
With The Hilton proposals it is therefore time to buy a 5th floor 606 sq.ft. pied a terre in Carrington House at the bottom of Hertford Street for £1,350,000. Link
THE EXTINCTION OF THE SUB £1 MILLION MAYFAIR FLAT
Recent research by Wetherell and data analysts Dataloft reveal the sub-£1m Mayfair home is about to go the way of the Dodo and become extinct within the next few years. Fewer than 5% of homes are now priced (on long leases) below this figure and none below £750,000.
In 1985 almost 90% of homes were priced below £1 million and you could pick up a one bedroom flat for between £85,000 and £150,000.
Link to Wetherell Market Report
At £1M at £1,882 p.s.f. you can buy a 1 bedroom in Duke Street off Grosvenor Square and close to Brown Hart Gardens’ Farmers’ Market (every Wednesday). A stroll away from the new Beaumont Hotel and a leap to Selfridges for supplies from their Food Hall this 2nd floor apartment is being sold on a new 125 year lease. Link
TAKE A CLOSER LOOK AT MAYFAIR
Wetherell have just released their Spring Portfolio of Mayfair Houses, Flats and Developments to buy and to let. The portfolio is named as “Take a Closer Look” as more and more local, national and international people discover and appreciate what Mayfair has to offer both socially and culturally.
Packing in a cool £200 million worth of stock the publication divides the Mayfair area into the prime “big addresses” and features a section below £5 million which represents 75% of the Mayfair market.
There is also a “Pools, Patios & Penthouses” section featuring ideal properties for “Springing into Mayfair”.
CORRECT PRICINGIt is essential to correctly price your property at the outset of the marketing exercise.There is currently 33% of the Mayfair flat market with price reductions but only a third of these are Wetherell instructions and the majority we have taken on as the 2nd agent to relaunch at a sensible price after “flattering” valuations given by other agents.
FOR SALE – BEST DEAL IN MAYFAIR A 2 bedroom apartment which has been reduced from £3.1M (£2,930 p.s.f.) down to £2.5M (£2,363 p.s.f.) for a quick sale. Link
DECISIONS: EXCUSES VERSES REASONS
Excuses for not making a decision on a property are numerous – I could print them on a tea towel as a “calendar” depicting month by month the excuses as to why not to buy/rent.
Apart from School Holidays / Half Term / Skiing / Too Hot / Too Busy – we now have Non-Dom / Non-Res / CGT / IHT / ATED / SDLT.
We can now add: – Chancellor’s Budget (16th March) / Mayoral Elections (5th May) / Referendum on Brexit (23rd June).
However you also have Reasons for Buying/Renting in Mayfair – The “2010s” are Mayfair’s Golden Decade with the return of Mayfair as London’s No.1 residential area.
We currently have the largest portfolio of both sales and rentals for many a year.
Plus if you are buying/letting from overseas the fact that the sterling / dollar exchange rate is the lowest for 7 years cannot be ignored.
TO LET – OUTSIDE LOOKING IN
A suite at The Connaught would set you back £2K per night but a 2nd floor two bedroom (1,055 sq.ft.) newly decorated apartment opposite in Mount Street would cost you £2K p.w. Link
The March issue of Spear’s Wealth Management magazine highlighted my inclusion in their Top 5 Estate Agents in Prime Central London and for my entry in The Spear’s 500 Top 5 Advisors of the Year 2016.
In The Mayfair Times February issue I was amongst The Community Awards Winners for “Services to the Mayfair Area”.
A great honor and privilege to be recognised by my clients, peer group and community.
The Spring Season heralds the busiest time in the Mayfair market for properties up to £2M and over £10M.
All at Wetherell are geared up to actively helping you in all markets in the year ahead.