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​Property Report July 1993

July 1993

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Wetherell Report


Top homes still selling well


Mayfair has lately been receiving a very favourable national press with articles proclaiming that the residential element is again returning to the area.

This is partly due to the recent launches of various new restorations where buildings used for the last 45 years as offices are now returning back to their original residential use.

Wetherell have over the last two years sold over twenty office buildings for the Grosvenor Estate and other head leaseholders and these buildings are now returning back to the market to give Mayfair a selection of available stock so rarely seen.

Park Lane

Recently launched is probably London’s most exclusive new restoration at 130 Park Lane, a lateral conversion of two white stucco buildings overlooking Hyde Park. Prices start from £2 million for a three reception room, three bedroom suite apartment.

Another white stucco building, (which are more common in Belgravia than Mayfair) is 10, Upper Grosvenor Street which has been converted into six apartments of approximately 2,000 square feet each. Featuring large elegant reception rooms the first floor has already been sold.

Our old offices

Soon to be quietly offered for sale is our old offices in Upper Grosvenor Street. Totalling approximately 11,000 square feet of accommodation and ornamental gardens.

This seven bedroom house has been subject to a two year refurbishment programme. A substantial figure will be asked for this potential freehold which is certainly the finest house to come to the market.

The Market
Wetherell have seen all indications that there is still a demand for top of the market property and that this will trickle down through the other price levels.

Summer Ahead

The question that everyone is now asking is; “What will be the summer market?”.

We feel that there will be strong buying from the Middle East in the top end of the market, with a sustained middle market from the Far East and home grown buyers.











UPDATE

ST JAMES’ SQUARE, S.W.1

A 1720 mansion of 77 rooms and totalling 40,000 square feet sold in unmodernised condition to an overseas purchaser who will restore the mansion back to its original majestic splendour. The asking price was £6.5 million.

GREEN STREET, MAYFAIR

After two years on the market this large house with direct access onto the secret gardens of Green Street was sold in a four hour contract race. Asking price £1.25 million.

MOUNT STREET, MAYFAIR

Again after 18 months on the market this four bedroom apartment on the second floor sold in a contracts race. With two reception rooms ideal for entertaining, these Mount Street flats are always popular.

ALDBURGH MEWS, W.1

Six modern houses with underground garaging sold from £275,000 to £340,000.

The demand for the majority of these houses has emanated from the Far East.


OFF GROSVENOR SQUARE

A first floor flat which has been on the market for over three years has just sold in Providence Court. This three bedroom and two reception room apartment with its own underground garage, originally came to the market at £375,000 and has just been sold close to its asking price of £225,000.

CULROSS STREET

A corner house behind the American Embassy was privately sold by Wetherell. The property’s freehold will be enfranchiseable under the new leasehold reform act. This large house with garage and access to private gardens was sold in the region of £900,000.

PARK STREET
BARGAIN OF MONTH

Top half of a house. Good condition only £265.000.



We sell Well

Wetherell

Tel: 0171-493 6935     Fax: 0171-629 9303



No. 1 102, Mount Street, Mayfair, London W1Y 5HF JULY 1993

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