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​Property Report January 2004

January 2004

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Annual Review 2003    

Mount Street


      

JANUARY


MOUNT STREET


The first of many flats we sold or let in 2003 with outside space or verdant views.

The benefit of overlooking the Mount Street Gardens outweighed the short duration of the lease for this flat and we achieved a record price for this building.


 Price Guide £825,000
       Record Price for Short Lease

Upper Brook Street


      

FEBRUARY


UPPER BROOK STREET


Acting on behalf of Grosvenor we successfully sold this unmodernised house in Upper Brook Street.

Unusual because the house was not visible from the street and rare because it had direct access to private gardens.


 Price Guide £2,250,000
       Demand for Unmodernised

Green Street


      

MARCH


GREEN STREET


Until we sold this newly refurbished duplex flat, Green Street was never considered
prime Mayfair but a combination of exacting finish and luxury fittings meant that within weeks of it being finished we had two buyers vying for the flat at record prices.


 Price Guide £1,950,000
       Highest Sale Value

St James's Place


      

APRIL


ST JAMES’S PLACE


After the owner had been let down by other purchasers, Wetherell sold this second & third floor apartment in this exclusive enclave within St. James’s.

Boasting an 800 square foot reception room which featured a 28′ picture window giving panoramic views of Green Park.


 Price Guide £2,950,000
       Premium Price for Views

Green Street


      

MAY


GREEN STREET


Wetherell rented this unfurnished one bedroom flat exceptionally quickly given its
southerly views across the secret gardens of Green Street which can be admired from both the reception room and bedroom.


 £530 per week
       Prime Letting Season

Upper Grosvenor Street


      

JUNE


UPPER GROSVENOR STREET


Just off Grosvenor Square in this substantial period building, a record price was achieved for a flat of this type.

On the top floor this interior designed flat featured a conservatory leading onto a large roof terrace of approximately 293 square feet.


 Price Guide £1,700,000
       Rare Penthouse

Mount Street


      

JULY


MOUNT STREET


Acting for a trust, this building comprising 10 flats & 2 shops and overlooking the Mount Street Gardens to the rear, was sold to a private investor after very competitive bidding from a number of parties and resulted in a sale far in excess of the guide price.

 Price Guide £9,000,000
       Demand from Investors

Hays Mews


      

AUGUST


HAYS MEWS


Originally having sold this house to a developer, we were pleased to re-offer it for sale after the refurbishment. Bought by an investor we have subsequently taken it on our books to rent.

 Price Guide £2,225,000
       £1,000 P.S.F Mews House

Balfour Place


      

SEPTEMBER


BALFOUR PLACE


After selling this flat to an existing landlord client, we showed a prospective tenant around before the redecoration works were completed in this two bedroom flat.

After falling in love with the elegant reception room, the excellent rent of £1,200 pw was achieved.


 £1,250 per week
       Corporate Tenants are back

Charles Street


      

OCTOBER


CHARLES STREET


Whilst instructed to sell this flat, over the lower three floors of this period building, we negotiated with the other flat owners in the building and successfully sold the entire building, with the freehold, to a purchaser who has plans to reinstate it as a private house.

 Price Guide £7,500,000
       Reversion back to Mayfair Mansion

Park Street


      

NOVEMBER


PARK STREET


Having looked at 50 other two-bedroom flats, a new tenant was found for this top floor flat before the previous tenant had vacated.

While not as large as the other flats looked at, the roof terrace and access to Green Street’s private gardens more than compensated and an immediate offer secured the deal.


 £850 per week
       Premium Rent for Outside Space

Park Street


      

DECEMBER


PARK STREET


The difference between a penthouse and a top floor flat? – You know it when you see it!

The first time in nearly 10 years one of these exclusive penthouses has been for sale attracted great interest. Now sold, we have to wait another 10 years for the next one to become available!


 Price Guide £4,950,000
       Penthouse Sales



Annual Review 2003



     

SALES – Low volume, record prices



If 2002 was the year of volume sales, the Mayfair residential property market in 2003 can be defined as the year of lower volume, but much higher quality. Whilst other prime residential areas of central London were experiencing a temporary fall at the top end of the market, the Mayfair market continued to rise throughout the year. The problem for
purchasers was scarcity with the volume of the sales probably 50% down on 2001 and 15% down on 2002.



The market in 2003 was initially slow with buyers unsettled by the stock market and the Iraq situation. However, activity rapidly accelerated through the summer months and culminated in the busiest December we have known for many years.

£ P.S.F – In excess of 1,000 per
square foot




Sales prices in excess of £1000 per square foot continued for properties finished to a high standard and indeed Wetherell have achieved far in excess of this figure on quite a number of occasions.

SHORT LEASES- Nearly extinct!



The availability of short to medium term leases is becoming even harder to find and has indeed been nearly hunted into extinction through recent legislation abolishing the residency test on leasehold properties for enfranchisement.

     

Mayfair


     2003: Low Volume, High Quality,
                        Record Prices

RENTAL MARKET – Corporates
return




The rentals market in 2003 started off reasonably quietly, but gathered speed as the year progressed, ending in an uncharacteristically busy final quarter to the year.



The Corporate market was quiet for the majority of the year but Relocation Agents contacted us for properties significantly more in the second half of the year.



Tenants were very selective in 2003 and multiple offering on flats was prevalent. This resulted in properties that were tired either being available for long periods before renting or the Landlords having to drop prices. Newly refurbished property, however, rented quickly and at a premium. A number of properties even had offers before work on the property had been completed.





2004

Mayfair


     

Market commentators are confidently predicting a positive market in 2004, not only for residential property, but also to a rising stock market with no excessive interest rate rises.



Continued price rises in the residential property market in Mayfair may tempt further vendors into the market, however the main supply this year will come from new developments. Wetherell will be launching nearly £100 million of new flats in the Mayfair market during 2004 of high quality, but low in quantity as this only accounts for just 30 new properties. We will also be launching a number of new houses and Mayfair mansions.

     

A better year for buyers with a greater choice of property at the top end of the market, whilst the sellers can be assured that the increasing prices of Mayfair will once again align the area with
the other prime areas of Belgravia, Knightsbridge etc.



With the local residential market akin to the locomotive going slowly but surely up an incline, it has the underlining power to maintain its upward trend due to supply and demand and with Mayfair’s uniqueness, whether in its diversity of buildings and architecture or quality of life, Wetherell has every reason to believe 2004 will be another fine year.


NAEA
 
 
 







Mayfair’s Leading Estate Agent

Wetherell


Telephone

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No.88 102, Mount Street, Mayfair, London W1K 2TH JANUARY 2004















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