Prince Charles Praises Mayfair

One of the interesting snippets from the ongoing court battle over Chelsea Barracks between Christian Candy of CPC Group and Qatari Diar was the 23rd June publication of Prince Charles’ letter of 1/3/09 to Sheikh Hammad bin Jassim bin Jaber bin Muhammad Al Thani, Prime Minister of Qatar urging him to reconsider the modernist Foster’s scheme.

I quote “ is worth recalling that it is the distinctive urban environments of places like Mayfair, St James’s….which consistently retain, and increase, their value over time and where so many people want to live because of the unique qualities of character, elegance, liveability and atmosphere.”

The first half of 2010 has certainly been an exciting time with the value of Mayfair property bouncing back to spring 2008 values.  Volume of sales have doubled compared to 2009 H1 but still half the number of 2007’s H1, now fondly considered to be the glory year!

Mount Street
Mount Street values bounced back with the sale of a 2 bedroom first floor apartment for £2.25M which sold 4.5 years earlier for £1M and a resale of a further unit which sold last year for 20% less.  Values over £2,000 per square foot (p.s.f.) are the norm with developed values heading towards the £3,000 p.s.f. which was achieved in the spring boom of 2008.  A current indicator of the Mount Street market will be the best bids by 21st July on an unmodernised corner building with planning permission for six residential apartments.  Price Guide £10M.

Mayfair Houses
The Mayfair house market has been active in the first 6 months with the recent sale of three special modernised houses at around £2,500 p.s.f.and three unmodernised houses between £1,500 – 1,750 p.s.f.  Wetherell were involved in approximately 50% of the sales to the value of £60M and currently have a strong demand for houses over £10M.  This was a rare enquiry 18 month ago!

New to Market
New to the sales market are a selection of flats in Grosvenor Square, Park Lane and Mount Street plus three Mayfair houses between £6.5 – £12.5M.  We are also instructed by LPA Receivers on a one bedroom flat off Berkeley Square at £775,000 and will soon be bringing to the market a St James’s Square flat with 3 windows overlooking the square at £2.15M.

New to the rental market are some trendy apartments in “The Bond Street Quarter” off Woodstock Street (£650 p.w.) and a loft style apartment with roof terrace in Pollen Street (£950 p.w.).

Our own statistics plus anecdotal evidence from other Mayfair firms shows that 9 months business has been squeezed into two quarters which is probably just as well as the summer slowdown takes effect.

PARW – 14/7/10