There is now a huge residential development pipeline of over 400 new homes, worth over £840 million, which will be built in Mayfair over the next 5 – 15 years. Already values have exceeded £5,000 per sqft and within the next 5 – 10 years Wetherell calculate that residential property values will reach £10,000 per sqft. Already the entry level price for the smallest Mayfair home is now £1 million.
Crossrail, the relocation of Embassies and government buildings to Nine Elms, freeing up space for more homes, and the ongoing conversion of offices to residential are all helping towards Mayfair reclaiming its crown – lost since 1945 – as London’s most expensive and top address.
The district’s ancient landowners have been joined by a new generation of landowners and developers and together they are transforming Mayfair with new luxury retail outlets, hotels, leisure facilities and homes. This is the future of Mayfair and as the book outlines, its extremely exciting.