So far this year the Mayfair residential property market is ahead of last year in the number of sales although the last month has slowed down at the top end with the general activity being in the market up to £5m.
30% MARKET SHARE / RECORD SALE
For May nearly 50% of the market was focused on properties up the £2m. This is threshold after which SDLT (stamp duty land tax) rises to 7%.
Wetherell commands a market share of over 30% and the record sale last month was for a 2 bedroom apartment opposite Thomas Goode in South Audley Street, newly modernised and sold for £5.75M / £3,300 p.s.f.
UNDER OFFER = 20% OF MARKET
Even more encouraging is the number of Mayfair properties under offer representing 20% of the available stock and two thirds of these are over £2M in value. Potentially even more money for the Exchequer with extra SDLT revenue.
GROSVENOR NEW RENTAL SCHEME SUCCESS
Last month Grosvenor launched 65 Duke Street as their latest additions to their rental portfolio, comprising 16 apartments and there are now only 5 available on a furnished or unfurnished basis.
NEW TO MARKET – HIDDEN HOUSE
New to the market is a low built “Hidden House” off Grosvenor Square approached through its own private garden. With garaging and swimming pool this unique freehold is available at £17.5M.
We have two offerings close to Richard Caring’s collection of clubs. Above the new watch shop Bremont between Harry’s Bar and George is a 2 bedroom maisonette at £2.35M and up the road from Mark’s Club in Charles Street is a 2 bedroom apartment at £2.95M.
We have just signed our new lease on our corner shop in Mount Street conveniently located opposite Scott’s and the Connaught. 20 years ago, Nicky Kerman who owned Scott’s at the time invited me over to lunch whilst the rest of my office struggled with the moving in cases! In those days there were 7 banks and the area was a mecca for fine arts and antiques.
The last bank (Jordanian Bank) to leave was next to my shop which will soon open as the new flagship of Celine; which I am reliably informed is the trendy brand of LVMH. They will be relieved that the exclusion clause in my new lease forbids “use of the Premises as a souvenir shop pawnbroker sandwich bar sex shop betting office taxi office or discount shop”.
However this is not as bad as the exclusions in the old Grosvenor Estate leases from the 1920’s which excluded “those of a slaughterer knacker horse boiler hog skinner cat gut-spinner cart-grease or varnish maker tavern-keeper gambling or betting house-keeper”.
How times have changed and how Mount Street has transformed to become the destination location for the world’s super brands. We recently exchanged on a one bedroom 1st floor flat over William & Son’s gun shop on a 24 year lease on a guide price of £1.75M.
COCKTAIL COMPETITION WINNER
Last month we noted what a heterogeneous area Mayfair had become and asked for ideas for a cocktail to embrace what Mayfair is today.
The response was outstanding with quite a number suggesting either a “Grosvenor” or a “Birley” after Mark Birley of Annabel’s fame. An inspiring one was a “Stirling” after Sir Sterling Moss the racing driver and long-time Mayfair resident.
Top prize for personal flattery was for a “Mayfair Guru” but the view of the judges lent towards suggestions based on alliteration – in itself a difficult word after a few cocktails! – Mayfair Mojito / Mayfair Monopoly / Mayfair Mule.
AND THE WINNER IS – The prize goes to MAYFAIR MARTINI.
The winner is Maggy Wells, Managing Director of The Mayfair Tanning Company
“If Mayfair was a cocktail it would have to be a MAYFAIR MARTINI elegant mysterious and versatile. It has so many options of martini than can suit all kinds of pallets.
As Mayfair is a collage of different nationalities and cultures – the Mayfair Martini is a mixture of many different flavours.”
The award winning Barman at The Connaught Bar will be booked in the near future for the prize entry to collect her prize.