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​Property Report October 1994

October 1994

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Wetherell Report


What’s new in Mayfair?


Nearly £15 million worth of new residential Mayfair apartments and houses have been sold to the Far East in the last month.

Wetherell have just sold Blackburne’s Court, a new luxury development of seven one, two and three bedroom apartments each with their own underground car parking space.

Nearly £400 per sq. ft.

The building sold to a Far East investor for close to the asking price of £2.65 million for the 75 year lease.

Another recent Far East sale was at 17, Culross Street, a brand new 5,200 square foot house off Park Lane which had a 60 foot reception room, a roof terrace and garaging for two large cars. Again Wetherell sold for close to the asking price of £1.85 million.

Sold off Plan

A new development of apartments in Berkeley Street and Dover Street was recently taken on a property exhibition to the Far East and most of the £10 million development has been sold off plan.

Prices achieved for the two bedroom flats was over £400 per square foot due to the exceptional 999 year leases. Prices ranged from £420,000 to £495,000 with completion in the spring of 1995.

Quietly on the Market

The lack of prime property available have resulted in a trend for “the quiet and quick sale technique”.

Because of the shortage of available stock the estate agents already have a list of frustrated buyers waiting to purchase the right property.

Vendors can therefore still achieve a premium price by instructing us to quietly market to select buyers who have the knowledge that they have the first refusal. If then not sold the property comes to the market.

Recent sales by Wetherell have included a three bedroom mews maisonette with a garage of Park Lane in the “Village of Mayfair”. The property was on offer at £325,000.

Other properties which have been quietly marketed on the same manner include a four bedroom flat on a 999 year lease for £825,000, a low built house for £1.65 million and a two bedroom maisonette for £295,000.

Mayfair’s residential flavour is now returning as the scaffolding that has shrouded so many buildings over the last three years are coming down and owners are now moving in.












COMING 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.

OFF BERKELEY SQUARE

A period family house which is currently undergoing complete refurbishment.
Sole Agent.


OFF GROSVENOR SQUARE

A low built house with access to communal gardens.
Joint Agent.


MOUNT STREET

A three room patio flat with kitchen and bathroom. Also a 1 first floor flat for £255,000.
Sole Agent.


OFF PARK LANE

A substantial “Mayfair Mansion” will be marketed later this year with lift, roof terrace, four reception rooms and seven bedroom suites.
Joint Agent.


CURZON STREET

Just remarketed, at a substantial reduction. Three 3 bedroom air-conditioned apartments on 125 year leases. From £665,000.
Joint Agent.


OFF PARK LANE

A modern three bedroom maisonette with roof terrace and garaging £595,000.
Joint Agent.


PARK STREET

A refurbished maisonette with planning permission for a conservatory.
Sole Agent.


OVERLOOKING HYDE PARK

A new development of two bedroom flats and maisonettes in a period building on Park Lane.
Joint Agent.



Wetherell

Mayfair’s leading independent estate agents

specialising in residential property


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

We sell Well




No. 8 102, Mount Street, Mayfair, London W1Y 5HF OCTOBER 1994



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