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​Property Report June 1999

June 1999

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Dedicated to Selling the Best

Lees Place


Lees Place,
Mayfair W.1

Low built double aspect house with garage and roof terrace.
Sole Agents
Wetherell 0171 493 6935
 


£1,950,000




    Culross Street


Culross Street,
Mayfair W.1

Recently constructed mews house with garage.
Selling Agents
Wetherell 0171 493 6935
 


£1,275,000




    Farm Street


Farm Street,
Mayfair W.1

Lavishly presented freehold
house with lift.

Joint Sole Agents
Egerton 0171 493 0676
Wetherell 0171 493 6935


£3,450,000




Culross Street     


Culross Street, Mayfair W.1
4,800 square feet of contemporary space.
Sole Agents Wetherell 0171 493 6935
£2,950,000




Audley Square


Audley Square, Mayfair W.1
Air conditioned Grade II listed house with private garden.
Joint Sole Agents
DTZ 0171 408 2748
Wetherell 0171 493 6935


£4,900,000

 Park Street, Mayfair W.1
A substantial period townhouse over five floors.
£1,250 per week
unfurnished for a long let









Upper Brook Street


Upper Brook Street, Mayfair W.1
A beautiful corner house off Grosvenor Square.
£2,200 per week
furnished for a long let





Park Street

Top Rates Paid


Land Registry


Figures released by HM Land Registry, based upon residential sales completed, show that for the first quarter of this year property in the City of Westminster increased in value by 9.3% (compared to the same period last year), with turnover down slightly.

Whilst this increase reflects the City of Westminster as a whole, Mayfair has exceeded this rise as demand from increasingly more people seek a finite supply of property.

With base rates at 5% and the government seemingly working towards European monetary union, rates can only go down further – combined with the ‘feel good’ factor and stock market performance, people are prepared to pay top rates for prime property.

Lease Extensions

Where the landlords previous written consent (not to be unreasonable withheld) is required for a lease to be assigned, landlords are still refusing consent if the lease is held by a company and the purchaser wishes to acquire the lease in their own name.

The grounds for doing so are that the individual could obtain rights to extend the lease or enfranchise and landlords therefore argue that they could then suffer a loss if the purchaser obtained such rights.

Whilst this may seem inequitable, informed purchasers are enquiring “is the lease in a company name” – if the answer is yes then they are being more cautious.

Although we understand this matter is under review as part of the Government’s research into the house buying process, it is good to see pro-active landlords, such as the Grosvenor Estate, come up with new ideas to help their tenants extend their leases.

Prices on Searches

Debate continues as to whether or not purchase prices should appear on land searches. To do so, it is argued, is freedom of what should be public information and it would make for greater transparency in property transactions. The counter argument is that it is an invasion of privacy and many people for purely private reasons would prefer such information to remain private.




 



Rentals


The demand for good quality properties remains constant. The requirement is still neutral, creams, beiges, plain walls, white finishes, fresh and light with bathrooms and kitchens to a high standard. Both furnished and unfurnished apartments are still evenly sought after.

Wetherell are currently marketing a three bedroom house in Park Street, with two large reception rooms boasting high ceilings, ideal for entertaining. The house also has a basement flat which can be self-contained. The house is available for £1250 per week unfurnished immediately.



     PROPERTY OF THE MONTH     



Charles Street


A newly refurbished three

bedroom period apartment of

1,743 square feet with a



25' Roof Terrace

£980,000


Sole Agents


Wetherell









NAEA

Wetherell


Mayfair’s Leading Estate Agent


Tel: 0207-493 6935     Fax: 0207-629 9303

We sell well

Ombudsman Scheme

No.36 102, Mount Street, Mayfair, London W1Y 5HF JUNE 1999



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