As there are quite a number of topics this month I highlight the items at the beginning so that you can then drill down to topics of interest.

Move over Mayfair Guru
Guru bows to Visionary who predicts £17,000 p.s.f. by 2050

New Record Sale for Mayfair
£19.5m Park Lane Penthouse sold for £4,200 p.s.f.

90% Market Share of Super Prime £10m+
In 2012 Wetherell have 90% of £175m Mayfair market

Council Threat to Mayfair Offices back to Residential
Fears for SMEs might halt reversions

Super Prime v Prime
Whilst the area of prime continues to grow in size, super prime grows in value

£45m Doer Upper
The ultimate DIY job on two Victorian Mansion

Knowledge is Power
New Vicar appointed to Grosvenor Chapel

6:15 pm Thursday 22nd November –
Lighting Ceremony  hosted by Mayfair Guru and Celebrity VIP.  Join us for a glass of Christmas cheer

Tuesday 11th December –
Draft legislation published regarding property ownership and transactions

All these properties have links to our website at end of email.

Adams Row – £3850p/w – 4 Bedrooms – Superb family home – Chimney for Santa
Park Street – £1750p/w – Stylish top maisonette – Parking for Sleigh
Adams Row – £650p/w – Pied-a-terre opposite The Connaught – Christmas lunch?

Upper Grosvenor Street – £1.5m – 2nd floor 2 bed flat – 657 sq.ft.
Hay Hill – £2.25m – 3rd floor 2 bed flat – 1,098 sq.ft.
Bourdon Street – 2nd floor 2 bed flat – 1,288 sq.ft.

Move over Mayfair Guru
A recent residential market report from an international estate agency predicts that residential values in Mayfair will be £17,000 per square foot (£psf) by the year 2050.

Celebrating 30 years of Wetherell, I have examples of 10 fold increases in values and more since 1982 but with the benefit of hindsight I realise that unknown events can change even the most cautious of predictions.

But who am I to spoil the party?  Who needs a Mayfair Guru when you have a £17K psf Visionary!

New Record Sale for Mayfair
Wetherell recently sold the 9th & 10th floor 5 bedroom duplex penthouse at Fountain House (asking £19.5m) on Park Lane with 700 sq.ft. of terracing overlooking Hyde Park and parking for 2 cars.

We first sold it in 1996 as a new development on top of a 1930’s apartment building for £3.75m.  We again sold it in 2009 for £7.375m.  The doubling in price in 13 years and a further doubling in 3 years shows the massive growth in the value for Mayfair prime residential as it catches up with other prime areas.

Investors and landlords in Mayfair have benefited enormously over the last few years with the “Step Change” in Mayfair values.
In comparison Kensington & Chelsea prime prices increased by over 250% between 1996 and 2009 but only a further 35% over the last 3 years.

The other gold standard for comparison – i.e. gold- increased by 214% (96-09) but recently by only 55% (09-12).  The Retail Price Index (RPI) as an inflation indicator saw 41.2% (96-09) and 12% (09-12).
With £ per square foot sales in One Hyde Park reaching £7,000 psf our sale at £4,200 psf indicates that Mayfair has more growth under its bonnet and the upward “step change” continues in value.

90% Market Share of Super Prime £10m+
Recent analysis of Mayfair residential sales over £10m in 2012 shows total sales of £175m and Wetherell market share being £90% of the transactions.  If you add the private sale of Prince Jefri’s (Sultan of Brunei’s brother) mansion at £81m; the prime Mayfair market totals a quarter of a billion pounds so far this year.

Council Threat to Mayfair Offices back to Residential
A third of our prime deals have been office buildings reverting back into their original residential use.  This is a trend that has now reached a tipping point where each sale exponentially increases the feel good factor of Mayfair as a prime residential area.
With over 100 buildings sold by Wetherell over the last 20 years reverting back to residential use and with over 150 new homes in the planning pipeline; Mayfair is on a roll.

It is therefore unfortunate that Westminster City Council are now considering a clampdown on the granting of planning permissions back to residential to preserve the availability of inferior office space for Small & Medium Enterprises (SMEs).
The difference in capital values of average £2,00 psf for offices and £3,000 psf for residential means that WCC’s consultation will be watched with keen interest by both landlords and tenants.

Super Prime v Prime
Prime central London (PCL) is increasing in size and definition every year.  When I started in the business in the early 1970s prime meant Mayfair, nowadays new developments are sold in the Far East as prime as long as they are on the Central Line of the Underground.

The golden W and SW postcodes are now “Super Prime” and increasingly “super price”.

£45m Doer Upper
Wetherell have just released two former office buildings in Park Street reverting back to their original use as two adjoining houses in the prime “Mayfair Village” location on the corner of Aldford Street.
Over the launch weekend we had over 300 website viewings with over 100 brochures downloaded.  Refurbishment costs could set you back a further £10m but will result in two of Mayfair’s finest mansions featuring a Dining Room to seat 24 plus a Cigar Room opening onto a private terrace.

Knowledge is Power
“Knowledge is power but love is to serve”  said The Bishop of London, The Rt Rev’d and Rt Hon. Richard Chatres KCVO DD FSA, from the pulpit at Grosvenor Chapel for the sung Eucharist for the Licensing of the new Priest-in-Charge, The Rev’d Dr Richard Fermer on Tuesday 6th 2012.

I have been serving the Mayfair community for 30 years.  With longevity comes knowledge and if that is power it also comes with responsibility for the privileges that knowledge empowers.

Mayfair is embarking on its most important journey since the 1920’s.  With the passage of time we will look back on the “20 tens” as the most exciting decade for a century.

As Chairman of the Mount Street Association we are organising our lighting up on Thursday 22nd November with shops open between 5.30 – 8 pm.

I will be introducing our “secret” Mount Street Ambassadress at 6:15 pm to turn on the lights.
She has a great head for numbers but pipped Pippa and won “Rear of the Year”.  She will be Mount Street’s Christmas Carol.  I will say no more!

On December 11th – following the March Budget and consultation the Government publishes draft legislation impacting UK residential property transactions and ownership.

Wetherell will report on this as soon as we are up to speed and can give you considered advice.