The advent of Spring is the traditional time in the market when vendors look to sell their properties.
Wetherell briefly list below a number of our new instructions.
A unique 1st. Floor, 2 Bedroom apartment in a period building. Character Drawing Room with beautiful ornate painted ceiling.
125 yrs. Sole Agent
A large 2nd floor 2 Bedroom Suite apartment with added advantage of a large double reception room and a Private Roof Terrace.
999 yrs. Sole Agent
A 6th floor company flat in 1930’s mansion block with lift & porter. 2/3 Bedrooms.
133 Yrs. Sole Agent
Back on the market. With own street entrance, a 1st & 2nd maisonette with private roof terrace. 2 Bedroom suites and double reception room.
50 Yrs. Sole Agent
A large recently modernised apartment with 3/4 Bedrooms and large reception room.
125 Yrs. Sole Agent
Unmodernised mews house with double garage and planning for extra floor.
CALL SALES ON
020 7529 5566
Any investor wanting a snapshot of an area for investment purposes need only look for the amount of cranes, skips and builders vans to ascertain the activity in the market.
100 New homes
It will not take long, even for an un-observant pedestrian, walking the streets of Mayfair to be aware of the current activity in the residential market. Wetherell estimate that there are currently over 100 new residential units under construction, which although miniscule for other larger residential areas, does have a significant effect on our small unique area.
£1,000 + per square foot
The most significant effect is price and Mayfair has seen some spectacular price rises over the last year as purchasers are now being offered a far higher standard of finish. Although they are finding the selection not as great as other prime areas they are certainly finding it a better investment to buy in Mayfair.
41 Upper Brook Street is a development were only the Penthouse remains at £2.85 million. Purchasers have paid £1,000 per square foot for one of London’s highest specification of finish. The two new houses in Culross Street about to be launched (at £2.95 million each) with their own garden, garage, lift and air-conditioning. Agents are Wetherell and Knight Frank.
A new penthouse recently launched in Berkeley Square, with all mod cons, electronic gimmicks and a terrace over the square gardens has come to the market at £2.95 million.
New Development –
Wetherell and Knight Frank have also just launched Park Lane Place, a new development of 18 units situated on the 5th, 6th & 7th floors over a new 5 Star Hotel at 140 Park Lane. Located at the Marble Arch end of Park Lane overlooking Hyde Park, the
development consists of one, two and three bedroom flats; prices start at £500,000, £1.25 million and £1.575 million respectively. Underground car parking spaces are an additional £50,000 and residents have an exclusive entrance to the flats and use of the leisure facilities of the hotels fitness spa, health club and swimming pool. The development will be completed in September 2002.
Wetherell are currently advising developers on over £100 million of new schemes that will increase the residential stock significantly over the next two years.
Park Lane Place, Mayfair’s newest development of flats.
Buying in Mayfair
With the peaking of the residential market in overblown areas such as Kensington & Chelsea, investors have ironically turned to Mayfair as the next boom area! With a long history as London’s No. 1 area spanning 250 years it is refreshing that these property trendsetters have discovered our area!
With investors paying current retail prices plus investing more in the product for resale, indications are that prices will continue to rise in the Mayfair area. Price comparisons with other prime areas still show Mayfair as extremely good value.
Rental property availability depends on when the previous letting expires, Spring is a time for fresh moves and we usually have a number of key properties that come available in the months of April and May.
A newly modernised pied a terre at 1 Carlos Place on the 1st floor with an ornamental balcony overlooking Mount Street, has been interior designed by Ralph Lauren. Ideal for entertaining with a large reception room, this one bedroom apartment is available at £675 p.w.
For entertaining on a grand scale is another flat in Mount Street, again on the 1st floor, with three intercommunicating reception rooms is now available at £1,300 p.w.
Two flats of Grosvenor Square, decorated in a contemporary style with wooden floors throughout, each with one bedroom are available now at £450 p.w.
CALL LETTINGS ON
020 7529 5588