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June 2012

“A specialist is a man who knows more and more about less and less”

So said William James Mayo – a physician in the United States and one of the seven founders of the Mayo Clinic – in a 1927 Reader’s Digest article.

As the Mayfair Specialist who has worked in the area for 40 years and celebrates 30 years of Wetherell this year; I feel that it can now also be seen as an apt statement for mere estate agents selling in an ever “slimmer” market.

Whilst prime central London bucks the housing trend in rising values we still follow the UK trend in an extremely low volume of turnover for property sold.

There are currently only 88 properties being openly marketed in Mayfair with about 10% under offer (75% through Wetherell).  With so little new stock coming to market it is exciting that Wetherell are not only marketing some of Mayfair’s finest properties but have a number of great new instructions now on offer.

And yes – I do know a lot more about them as I have dealt with all of them on a number of occasions in our long history!

Here is a brief description and I have added links at end of this email to most of them on the Wetherell website.

GROSVENOR SQUARE – Coming soon to the market a large lateral apartment with seven windows overlooking the square gardens.  Added bonus is private parking for 4 cars. £17M.

CALL – Sales Department on 020 7529 5566 for more details.

BRAZILIAN – Opposite the Brazilian Residence on Mount Street – A unique opportunity to develop an unmodernised freehold corner mansion (circa 1896 & Listed Grade II) with planning consent for a grand family home of 11,341 sq.ft. with swimming pool. Freehold £18M.

CALL – Sales Department on 020 7529 5566 for more details.

LISTED HOUSE – One of Mayfair’s finest period town houses with its own south facing garden and private cinema. Freehold £17.5M.

PRIVATE GARDEN – Upon instructions of Grosvenor – An unmodernised 4 bedroom home in Culross Street of 2,288 sq.ft. with its own private garden. £3.5M

GRAND ENTERTAINING – Magnificent period ground floor reception room with this one bedroom apartment. Suit Ambassador. £850 p.w.

PENTHOUSE BY PURDEYS – Modern style in period building with great reception, 2 bedrooms and cigar terrace. £1,775 p.w.

PANARAMIC PENTHOUSE – 360 degree views over Mayfair from this modern 3 bedroom duplex with Roof Terraces and parking for 2 cars. £7,000 p.w.

I have recently been looking at similar property sales in Mayfair over different timescales during the last decade.  The biggest percentage increase has been for Davies Street (now home to Cipriani – now “C” – plus Alfred Dunhill and Gagosian Gallery) which 10 years ago was not considered a prime Mayfair address.

In May 2002 an apartment in The Manor sold for £1.45M and again in May 2011 for £6.05M.  But in 2004 the new development, The 21st, opposite The Manor and over “C” arrived with a 2 bedroom flat for £2.75M which resold in 2011 for £5.25M.

These two sales show annual increases of 35% & 19% respectively and show the benefits that a new development can bring in a street.

Mayfair has not seen a new development since the 21st which is nearly 8 years ago.
Watch this space for the next leap in prices?

PARW
18/6/12

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