March 2014 – Mayfair`s Most Expensive Flat
At £5,130 per square foot, Mayfair`s most expensive flat ever underlines Grosvenor Square`s ascendency as London`s most expensive square. Download the full report here….
Priced at a record £5,130 per square foot, the spacious, lavishly refurbished, £18 million ultra-prime apartment (No. 4) at 18 Grosvenor Square is the most expensive apartment ever released onto the Mayfair market: through selling agents Wetherell.
This latest ultra-prime apartment typifies a “new generation” of £5,000 per sqft plus residences that will come onto the Mayfair market over the next few years; and also underlines Grosvenor Square’s ascendancy as London’s most expensive and prestigious residential square.
Providing 3,509 sqft of living space, the fourth floor, four bedroom apartment, provides panoramic views over London’s largest and oldest garden square. Created by super-prime developer AION, with interior specification and design by luxury specialists 1508 and Taylor Howes, the apartment sets a new standard for luxury in Mayfair with a bespoke design of the highest quality, luxury and fine attention to detail.
Designed to provide a stunning first impression for visitors, the spacious entrance hall has a “5-star deluxe interior” with features including a large bespoke mirrored cube; coffered ceiling with light features; restored gold leaf edged wall panelling and low-level feature runway lighting. The result is WOW factor that eclipses all others.
The double reception room is 42 ft long with five south facing windows overlooking the garden square. Features include beautiful bespoke-design parquet flooring, full height marble fireplaces at either end, mirrored feature walls, custom-crafted joinery, gold leaf edge wall panelling and coffered ceilings with lighting.
The apartment also includes a 10-12 seater dining room has a bespoke mirrored bar and cabinets and a custom-designed kitchen / breakfast room with super-luxury Gaggenau and Miele appliances.
The 19 ft long master suite is the size of a conventional one bedroom flat with a large bedroom, dressing room with floor to ceiling hand-crafted leather fronted wardrobes and an opulent marble bathroom with bookmatched slabs, all with specialist materials of the finest quality and bespoke lighting schemes. The other bedroom suites a similar VIP sleeping spaces.
To co-incide with the apartment launch, Wetherell, in association with Dataloft the market intelligence group, have unveiled new research showing a spectacular 314% rise in sales values in Grosvenor Square since 2000, surpassing rivals such Eaton Square and Cadogan Square, making the square London’s new “jewel in the crown”.
Just a decade ago, prices and £ per square foot values in Grosvenor Square lagged behind rivals such as Eaton and Cadogan squares. Ten years on, the picture is very different and now values in Grosvenor Square have surpassed those in Eaton and Cadogan Square with a thrilling portfolio of £5,000 per sqft plus developments in housing stock underway. Wetherell, forecast that the new projects Grosvenor Square and other locations will within the next decade, make Mayfair a £10,000 per sqft location, and the number one address in prime central London.
Wetherell and Dataloft highlight that since 2000 there have been £1.49 billion in total sales across Grosvenor, Cadogan and Eaton Squares. Over this period, Grosvenor Square has witnessed the largest increase in £ per sqft values; a rise of 313.4%. Residential values in Grosvenor Square now generally command up to £3,707 per sqft, a figure now surpassed by the new £5,000 per sqft plus ultra-prime apartment. This can be compared to values in the region of £2,925 per sqft in Cadogan Square and £3,167 in Eaton Square. Back in 2000, average £ per sqft values for Grosvenor Square were 18.5% lower than Eaton Square. Now this figure is over 4.4% higher. Likewise, in 2000 Grosvenor square values were 14% lower than for Cadogan Square; in 2013 they were 13% higher.
Grosvenor Square has seen significant capital value uplift and in the last three years has overtaken rivals Eaton and Cadogan Square to become London’s most valuable residential square. For Grosvenor Square, the next decade will be the most significant in its history. Whilst there are no developments in the pipeline for Cadogan Square and very little for Eaton Square, the relocations of the US Embassy; the US Navy offices and Canadian Embassies out of Grosvenor Square will potentially provide up to 80 new luxury apartments whose £ per sqft values will set new price benchmarks for Mayfair and the surrounding PCL area.
Robert Windsor, Director of Residential development at Wetherell who is handling the sale of the ultra-prime apartment at 18 Grosvenor Square commented: “The former US Naval Attache building at 20 Grosvenor Square and the US and Canadian Embassy’s will provide Mayfair with a new generation of super-prime schemes whose residences will have direct views over Grosvenor Square. Wetherell believe that they will be amongst the most expensive and desirable apartments in the world and will underline Grosvenor Square’s position as the capital’s premier residential square. The sale of the new ultra-prime apartment at 18 Grosvenor Square represents an opportunity for a buyer to immediately occupy the apartment as well as being part of undoubted future growth in both value terms and global appeal. We have already turned down several record offers since the flat is a “jewel box” of luxury and perfection and we know that a discerning buyer will come along and make the right offer and price.”