Property Report March 1995
Whose buying in Mayfair and where is the market?
From the beginning of this year to the first week into March there has been nearly £15 million of residential property sold in the Mayfair area.
Of these properties it is interesting to note that Wetherell sold nearly 40% and that 73% of these properties were below £500,000.
What is Selling
At the lower end of the market it is still possible to buy a one bedroom flat under £100,000. Wetherell acquired on behalf of clients and unmodernised “Gentleman’s Pied-a-terre” off Grosvenor Square for £90,000 on a lease of 38 years.
We also sold a modernised unit in the same building for just under £140,000. A recent record for the block.
State of the Market
In 1987 we sold a first floor flat just off Grosvenor Square, in Duke Street, for £350,000. In 1991 it went back to the bank and in 1993 we acquired it for clients for £180,000. We have sold it again for £255,000 after redecoration.
An improving market but still not reaching the heights of the boom.
However we have also just sold a one bedroom first floor flat in Mount Street overlooking the Connaught Hotel were we achieved a record price of £485 per square foot.
The trend in the market is that what ever the price range it is the quality that sells the property; prime property is selling for prime prices.
A large house off Grosvenor Square has just sold after being in the market for over 18 months on an asking price of £4.9 million and a newly developed house off Park Lane with a swimming pool and garage has sold for nearly £4 million.
Another period house in Charles Street sold the day the decorators moved out at £1.25 million.
We still believe that Mayfair is undervalued compared with other areas of prime London. Mayfair has a unique village atmosphere which appeals to a wide market.
There is a good selection at present in the top end of the market and early viewings are recommended before the summer rush, we hope!
NEW TO THE MARKET
As the leading estate agent specialising in the sale and acquisition of residential property in the Mayfair area, we are constantly advising clients on the future marketing of their properties.
We are about to bring to the market a newly restored Mayfair mansion with a wonderfully impressive staircase travelling up the entire house. The property is currently being furnished and will certainly be one of the best available properties in the market.
A FREEHOLD building on the corner of Curzon Street with offices on the three lower floors and three self contained apartments on the three upper floors. The whole building was redeveloped some three years ago and has a high specification to include lifts and air conditioning.
Price £5.5 million.
A new refurbishment of 9 one, two and three bedroom flats with lift in a period red brick building close to Grosvenor Square. Two flats sold, three under offer. Best 2 bedroom flat is on the 2nd floor @ £295,000.
A very rare opportunity to build your own Penthouse in the village sector of Mayfair. Would provide for 2,414 square feet of space with roof terrace. There is already a 2 bedroom flat with the roof space.
Mayfair’s leading independent estate agents
specialising in residential property
Tel: 0171-493 6935 Fax: 0171-629 9303
We sell Well
|No.10||102, Mount Street, Mayfair, London W1Y 5HF||MARCH 1995|