Property Report March 1994
Only apples for sale in Mayfair!
Why is an estate agent saying that he will soon be selling apples when he should be selling property?
Like most areas of central London Mayfair is currently suffering a shortage or property.
Following a brisk 1993 when Wetherell sold over £35 million worth of property the start of 1994 has shown a continued demand for prime residential property.
In the first two months of this year Wetherell have seen the return of competition for prime property with quick exchange of contracts.
A lower ground floor flat of some 3,357 sq ft in a new development at 10 Upper Grosvenor Street exchanged contracts on the sale well in excess of its asking price of £595,000.
A first floor two bedroom flat at 127 Mount Street sold on a long lease for £235,000.
A period house off Charles St. sold on an asking price of £650,000 and a building in Park Lane with part office use sold on an asking price of £1.5 million.
Even flats that have been on the market since last year are now being sold as purchasers realise that it is better to buy an “old chestnut” now at yesterdays price than wait for new properties to come available at higher prices than previous sales.
Two blocks of flats have recently been sold. A new development of six flats behind the American Embassy was sold in the region of £2.5 million and a conversion of a period building in Dunraven Street off Park Lane was sold on an asking price of £1.2M for the 55 year lease.
Deals up & down
A house sold by Wetherell in 1990 for £695,000 in Charles Street has recently been sold for £500,000 but a mews house in Hays Mews previously sold for £125,000 in unmodernised condition, recently sold in good condition for £225,000.
Lack of Property
Confidence is back in the market and buyers are back in force but surprised at the lack of property.
Detailed below is an analysis of the number of different types of property available in Mayfair.
Luckily Wetherell are acting on a development programme of £50 million worth of property coming on stream in Mayfair, but that is in the future………
|17 X ONE BEDROOM||
Five flats are available in one building on 39 year leases. Other prices range from £79,500 up to £225,000 for a freehold house.
|28 X TWO BEDROOM||
The cheapest is by the Hilton in a mansion block at £115,000. Most range between £200-400,000 with leases between 10-120 years depending on location.
In the £400,000 plus range the most expensive at £1,95M is in Grosvenor Square and a penthouse in Upper Grosvenor Street for £895,000 has a roof terrace overlooking rooftops.
|25 X THREE BEDROOM||
£190,000 will buy a 28 year lease off Park Lane in Green Street. A penthouse overlooking Grosvenor Square on a 26 year lease is for £350,000. Flats in modern blocks on long leases start either side of £400,000 and a penthouse off Berkeley Square is £550,000.
|9 X FOUR BEDROOM||
£535,000 buys you a 124 year lease in Aldford House situated on Park Lane and £625,000d purchases a FREEHOLD house in Park Street. £1M buys a penthouse off Berkeley Sq. on a 38 year lease and £2.5M buys a penthouse overlooking Hyde Park.
|6 X FIVE BEDROOM||
Cheapest house is in South Street and the best value at £795,000 for the 62 year lease. At £1M+, there are two flats, one maisonette and one house.
|6 X HOUSES||
Cheapest house in Mayfair is in Hay’s Mews at £197,500 and the most expensive at £1.75M off Grosvenor Square.
Wetherell have 30% of the market.
We sell Well
Tel: 0171-493 6935 Fax: 0171-629 9303
|No. 4||102, Mount Street, Mayfair, London W1Y 5HF||MARCH 1994|