Confidence in Mayfair Market moves into Super Prime Price Band!
Although the Mayfair market for the 1st quarter of 2009 suffered the same quiet market as the last quarter of 2008 activity and sales since the spring of this year, has seen an upturn. Wetherell, as the Mayfair specialists, has seen a slight increase in the volume of activity (the amount of property sold) but in aggregate terms the total value is far less than comparable dates in 2008 due to the lack of “big ticket” sales at the top end of the market.
The encouraging aspect of the current market is that the pipeline of transactions and the main enquiries are now in the £10M – 20M price range whereas the main activity for 2009 had been up to £5M with scattered activity up to £10M.
Georgian Houses For Sale
At the top end of the residential market, two Georgian houses have come to market, one now ready for occupation and the other requiring a full restoration programme.
21 Charles Street is one of Mayfair’s oldest wide fronted houses with its own private garden and adjoining mews house. This unmodernised freehold will be one of the areas finest mansions after a restoration to create a ten bedroom, ten bathroom and ten reception room house of nearly 19,000 sq.ft. Price £30.5M.
48 Upper Grosvenor Street is an 18th century freehold townhouse just off Grosvenor Square which has been subject to a two year restoration programme and thrust it into the 21st century with all mod cons subtly integrated into the period fabric of the house. With its own private south facing garden the house has a lift and a private 8 seat cinema in the basement. With an area of 6,156 sq.ft. (572 sq.m.) the house is under offer with an asking price of £17.5M.
A Bolt Hole in Mayfair
We have recently seen a renewed activity in the owner occupier pied a terre market for those seeking a base in Mayfair.
9 New Burlington Place off Savile Row has been billed as “The smallest house in Mayfair” comprising 693 sq.ft. (64 sq.m.) over ground and first floors on a 58 year lease and for sale at £750,000
59 South Audley Street opposite Harry’s Bar is an elegant 1st floor apartment of 641 sq.ft. (60 sq.m.) with high ceilings and an ornamental balcony. It is currently under offer for the 30 year lease on an asking price of £625,000
25 Hays Mews is a small 3 storey mews house of 948 sq.ft. (88 sq.m.) reputed to have been the home of The Beatles when their manager Brian Epstein lived in the main house in Charles Street. For sale at £950,000
73 St. James’s Street is a newly refurbished mansion block in the heart of St James’s SW1 where a 3rd floor “turnkey” one bedroom flat is available of 643 sq.ft. (60 sq.m.) on a long 130 year lease at £995,000
Planning Permissions in Mayfair
The Red Lion Pub. Planning permission has just been granted to convert into a luxury house behind its retained “pub” façade. The private house is laid out over five stories including six bedrooms, a swimming pool, a gymnasium, a home cinema, two roof terraces and an area of green roof. The planning committee at Westminster council described the proposal as “striking” and “raising the bar for design” within the borough.
U.S. Embassy has been listed Grade II blocking plans for its demolition and development of the site. No details as to price have been revealed as yet but Qatari Diar the buyers are believed to be looking at a hotel and residential scheme.
Mount Street, the go ahead has been granted and public realm improvements to the street will begin next January. An initiative between Westminster Council and Grosvenor will see the road and pavement surfaces replaced and “shared spaces” created.
Mount Street Christmas Lights. For the second year The Mount Street Association with Grosvenor will celebrate the turning on of the lights at 1830 hrs on Thursday 26th November 2009 with a late night shopping evening for the shops in the area open until 2030 hrs.
Wetherell Outlook for 2010 Mayfair Market
Activity from buyers is now rising up through the price bands as cash buyers see a purchasing opportunity to invest back into tangible assets. Supply of stock remains thin as most potential vendors are holding off as they are not under pressure to sell. The knock on effect is that there is now a shortage of rental properties due to buyers renting and waiting for a suitable property.
For the prime areas of central London the weakness of the pound against the euro has seen a buying opportunity from the continent. Any future weakening of the pound against the dollar or euro will see further interest from abroad as cash investors “park” their money into long term investments as a future hedge against monetary inflation.
Where better to invest than Mayfair real estate.