Property Report May 1997
91 PROPERTIES AVAILABLE WITH ASKING VALUE OF £118 MILLION
Busiest Mayfair Market since 1989, but lack of Properties
The first half of this year looks to be firming up as the busiest period since the heady days of 1989, as buyers frustrated by the lack of properties snap up all the available supply of houses and flats for sale in the Mayfair area.
The average price, after deducting the larger deals at the top end of the market, was just over £500,000. This sum will still buy a 3 – 4 bedroom flat, although some two bedroom flats are now approaching this figure.
There is still a strong demand for large period houses reverting back from offices (for the last fifty years) and restored back to their original residential use.
A recent example of this has been a newly restored mansion house in Upper Brook Street, a Grade II listed Georgian house with Italianate private garden and swimming pool complex. The house had many original features with just over 10,000 square feet of space, on the market for a figure of £5.85 million.
The next door house is now available, much bigger at 15,500 square feet, it has its own private mews house with garaging for 6 cars and the main house has “ambassadorial” proportions with a large imposing entrance hallway and staircase to a large L-shaped Drawing/Reception Room. Wetherell are asking £8.75 million for the 101 year lease.
The four Penthouses at Fountain House are selling well after being equipped as interior designed units. Under the supervision of Jane Blakeney Design, two of the penthouses were interior designed and sold quickly after the decorators moved out. The third unit is now under offer and the fourth will now be interior designed for release in three months time.
With 3,834 square feet (355 sm.) the penthouse has private roof terraces overlooking Mayfair and beyond and will be marketed at £3.75million.
We Sell Well
“Without the supply you will not have the demand” says Peter Wetherell, who has worked in the area for over twenty five years, “Mayfair is now seeing its revival as one of London’s premier locations, ideal for those buyers seeking a village atmosphere”.
1-2 Bedrooms = 41% of market
3-4 Bedrooms = 33% of market
5 + Bedrooms = 26% of market
|MAYFAIR CHAMBERS W.1||Cheapest one bed flat @ £150,000
Just off Grosvenor Street, an ideal pied-a-terre in heart of Mayfair.
|MOUNT STREET W.1||Best two bedroom flat @ £250,000
Currently arranged as a large one bedroom. South facing.
|PARK STREET W.1||
Three Bedroom flat @ £335,000
Short lease of 26 years but has spacious accommodation.
|SOUTH AUDLEY STREET W.1||
Four bedroom “house” @ £465,000
Own front door to large maisonette with access to secret gardens.
|GREEN STREET W.1||
Four bed maisonette @ £585,000
A newly decorated ground and lower maisonette with patio.
|RED LION YARD W.1||
Freehold House @ £795,000
Backing onto this private yard a 4 bedroom house with garaging.
|MOUNT STREET W.1||
Corner building @ £1M+
Mixed use building suitable as small HQ building with 2 bedroom flat.
Substantial House with Mews
One of Mayfair’s former aristocratic houses reverting back to residential use after 50 years as offices.
For information on either the sales or letting market in the Mayfair area call on
Tel: 0171 493 6935 Fax: 0171 629 9303
|No.15||102, Mount Street, Mayfair, London W1Y 5HF||MAY 1997|