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​Property Report October 1993

October 1993

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Wetherell Report


Busy winter months ahead


Mayfair in the summer can be either quiet or extremely quiet. This year did not surprise, the Arabs were coming but not as evident as expected and the tourists did not have a property buying pocket.

The vendors however, in most cases, maintained their stance on their asking prices and this resulted in a stalemate whereby the buyers would not pay “the market price” that the sellers requested.

Contracts Race

However this was not always the case and the market saw contract races and sales of property at sellers prices.

Contrary to market expectations we feel that now is a good time to sell your property as there is a shortage of good stock available. The asking price must however be competitive and vendors should not look to the heady prices of 1988 as a guide.

A glance through old property lists show that all the old chestnuts are now being sold albeit for competitive prices.

Competition in the market has resulted in the reappearance of the contracts race. Wetherell were recently instructed to acquire a house behind the American Embassy in Blackburne’s Mews. Quaintly called “The Little White House” the property had a 30 year lease and was on the market for £575.000.

Upon instructions Wetherell introduced to the buyer a local solicitor who knew the house and contracts were exchanged at 8pm the next evening.

Local Knowledge

Clients of ours recently bought an apartment that was on the market through an agent outside of the Mayfair area. They asked our advice and we sold it for nearly 20% more than the buying in price.

The moral is of course to appoint a local agent who knows his market, not to instruct an agent merely because you know them.

Hong Kong Chinese

The west end of London is seen as a prime location for investment for the Far Eastern market. Wetherell have recently sold eight mews houses with small gardens and garaging at prices between £275,000 and £350,000 with the majority going to far East investors.

Aldburgh Mews was acquired by Johnson Fry Properties who refurbished the houses.

Wetherell were then instructed to relaunch the development with a new identity and marketing approach.

This proved extremely successful and all the houses sold quickly, and mainly to the Far East.














UPDATE

GROSVENOR SQUARE

On instruction of a public company we are disposing of a penthouse maisonette in one of Mayfair’s exclusive apartment blocks. Rent is £55,000 p.a. and a premium of £10,000 is sought.

PARK STREET

Three self contained flats in one corner building with own private entrance. The flats are all two bedrooms and have a private access to the secret gardens of Green Street. Price Guide: £200,000.

PENTHOUSE

Upper Grosvenor Street close to the U.S. Embassy. It is very rare to find a proper penthouse in Mayfair. This one has a roof terrace of over 1,500 sq. ft. and has been newly developed.

HOLLAND PARK

Wetherell recently relaunched a substantial detached villa with 50 ft. swimming pool. Previously on the market for over two years, we relaunched and sold on a price guide of £3.45m.

UPPER GROSVENOR STREET

Wetherell and Knight Frank & Rutley have launched to the market a townhouse two doors in from Grosvenor Square. Having a total area of nearly 10,000 sq. ft. the house was restored from top to bottom and is one of the areas best houses on offer at a guide price of £5.5m.

POLICEMAN’S HOUSE

A small house by the Mayfair police station off Saville Row was developed by our clients N.P.I. as part of an overall office development. Self contained with only one bedroom we sold it on a price guide of £145,000.

VICEROY COURT

This small development by Pilkington plc in Shepherd Street behind Curzon Street now only has one flat remaining. Two bedrooms and garaging for two cars. Price guide £350,000.


We sell Well

Wetherell

Tel: 0171-493 6935     Fax: 0171-629 9303



No. 2 102, Mount Street, Mayfair, London W1Y 5HF OCTOBER 1993

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