Property Report March 2000
Farm Street, Mayfair W.1
Freshly decorated flat with
Reception Room, Two
Kitchen, Parking space.
Park Street, Mayfair W.1
Triplex apartment forming top half of period house.
Reception Room, Eat-in Kitchen, Master Bedroom with En Suite Bathroom, Two further Bedrooms, Bathroom, Guest Cloakroom.
Reeves Mews, Mayfair W.1
A gorgeous interior designed light and spacious, fourth floor
Entrance Hall, Reception Room, Two Bedrooms, Two Ensuite
Bathrooms, Kitchen, Balcony, Lift, Porter.
£1,200 per week
Wetherell’s latest research reveals that since the beginning of the year in Mayfair, 44 properties have been sold (total value based on asking price £44.5m), with 26 properties currently under offer (total value based on asking price £34.7m).
With a price guide of £50m, 90-95 Piccadilly has reputedly been sold. What makes it exciting for Mayfair is that the unknown buyer has plans, it is rumoured, to reinstate No. 94, known as the ‘In and Out’ as a private house.
Whilst it is unlikely that the buyer of the In & Out would use the Mayfair Library, this underused local amenity is potentially facing closure. Videos and CDs in addition to books can be borrowed whilst other facilities include a fax service, internet access and photocopying. Wetherell would like to encourage both residents and local workers to patronise the library, as it would be a shame to loose this facility which is there for the benefit of the residents of Mayfair.
As more & more people look to make their home in Mayfair, people’s desire and lifestyle is for more square footage but not necessarily more rooms, with demand greatest for properties that offer lateral living space. Given the architecture in Mayfair, properties which provide large floor plates (1,500 + square feet) are rare, especially in apartments. Whilst there are 21 three bedroom flats for sale, with an average size of approximately 1,700 square feet, the vast majority of sizeable apartments are arranged over two floors.
The local authority that governs Mayfair, Westminster City Council, has announced the lowest council tax in the country for the coming year. Even with the majority of Mayfair properties falling in the top two bands, this ‘occupation tax’ is not something that will adversely affect the local residential property market – on the contrary, it could draw in buyers from outside the area.
(properties up to £40,000)
(£40,000 – £52,000)
(£52,000 – £68,000)
(£68,000 – £88,000)
(£88,000 – £120,000)
(£120,000 – £160,000)
(£160,000 – £320,000)
|No.43||102, Mount Street, Mayfair, London W1Y 5HF||MARCH 2000|