MAYFAIR: CLUB: COMMUNITY: COCKTAIL
Why is Mayfair so successful? Is it a club for the international rich or is it a close community dating back to the 18th century?
The answer is both BUT also much more – a cocktail of commerce, culture, leisure and retail that makes 21st century Mayfair as unique in the world today as it was politically and socially strong throughout the 19th century.
In this month’s Mayfair report we highlight:
• LAUNCH OF £100M GROSVENOR RENTAL DEVELOPMENT IN DUKE STREET
• DATA ON THE MAYFAIR COMMUNITY
• RETURN OF THE MAYFAIR MANSION
• GRADE II* LISTED MANSION FOR REFURBISHMENT
• IMPOSSING STONE FRONTED BUILDING WITH 5 FLATS
• UPDATE ON NEW MAYFAIR RESIDENTIAL DEVELOPMENTS
• MAYFAIR – A HETEROGENEOUS COCKTAIL
• COCKTAIL COMPETITION!
MAYFAIR’S NEW RESIDENTIAL CLUB
Today Wetherell launch Grosvenor’s new £100m development in Duke Street comprising 16 one, two and three bedroom luxury apartments offered for rental with a selection furnished but mainly unfurnished homes – most having outside space.
The Duke Street Apartments, just off Grosvenor Square is set to become the new rental “club” in Mayfair offering a Concierge service plus the 24/7 Grosvenor Service Desk.
The 5 year restoration of this Grade II listed Queen Anne style building is part of Grosvenor’s plan for the northern part of their Mayfair estate. In June the newly renovated Brown Hart Gardens will open and the construction of the new Beaumont boutique hotel is underway to coincide with the public realm improvements.
Rental prices start at £1,100 p.w for a furnished one bedroom contemporary flat with terrace up to £4,350 p.w. for a classic unfurnished apartment with three bedrooms, two reception rooms and an enormous terrace.
Mayfair has 350 years of community in 285 acres accommodating 4,363 addresses. It might surprise you to know that 73% of its 5,200 permanent residents have no other residential address apart from Mayfair.
On the Grosvenor’s 100 acre estate there are 1,910 households with 3,476 residents of which 23% live in social rented accommodation.
Compare this to the census of 1790 when a population of 1,526 residents had 129 persons of title, 35 M.P.s and 112 professionals. This aristocratic and professional class of 20% of the population were catered to by trade that amounted to nearly 60% of the remaining tenants on the estate.
Fast forward to a recent survey by Grosvenor and Experian for the W1K postal code area (encompassing the estate) shows that those of “affluent wealth” now amount to nearly 70% of the population.
Today’s Mayfair residents are attracted to the facilities that have also made their “home” in Mayfair and all boast the same credentials of being No.1.
Mayfair is home to 80,000 workers and has 3,800 5 star hotel rooms. It has the most expensive office rents in the world housing hedge funds, financials, advertising and communications industries. Bond Street is now the most expensive district for luxury retailers and jewellers with Regent Street re-invented with Apple and Burberry.
The leisure industry of 5 star hotels and 3 star Michelin restaurants plus the culture of 11 theatres and 10 museums within walking distance combined with 5 tranquil open spaces makes Mayfair unique.
REVIVAL OF THE MAYFAIR MANSION CLUB
It is therefore not surprising to see history repeating itself with the return of the Mayfair Mansion as former office buildings return back to residential use. Wetherell have sold over 100 offices buildings back into former residential use adding 300 new homes to the Mayfair area.
In Charles Street – Wetherell are launching a freehold Grade II* listed wide fronted Georgian house (circa 1750) with planning permission for 22,000 sq.ft. restoration of house, garden and mews house.
NEW DEVELOPMENTS CLUB
In addition to the return of the Mayfair mansion we are also seeing the return to the area of large residential developments with an increasing ratio of residential rather than commercial office use.
20 Grosvenor Square recently exchanged at over £250M for 140,000 sq.ft. of luxury units.
British Land recently resubmitted planning expanding the residential content from 63,000 sq.ft. to 94,000 sq.ft. for their Piccadilly development overlooking Green Park.
The Ruben Brothers recently obtained planning permission for their conversion of the old “In and Out” club to a single house as well as flats in the adjoining building.
There are currently over 400 new residential units either at discussion stage or in the pipeline which will increase the residential addresses by nearly 10% – A biggest step change for nearly a century.
A HETEROGENEOUS MAYFAIR CLUB
None of this would be possible without the world class offerings of retail, offices, leisure and culture facilities that all have their home in Mayfair. We are living in a heterogeneous era.
The definition of “heterogeneous” is “diverse in character or content”.
It is this cocktail of uses and facilities that make Mayfair the success that it is today.