August 2004

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Quarterly Property Report

Overlooking Grosvenor Square
By St James's Palace
The 21st
Overlooking Grosvenor SquareBy St. James’s PalaceThe 21st. – Mayfair’s Award Winning Development

C O M P E T I T I V E   O F F E R S   R E Q U I R E S   C O M P E T I T I V E   P R I C I N G

Loft Apartment

1,200 square foot loft apartment let before marketing (£1200 per week)
    APRIL  – Good selection for Buyers

With Easter falling early in April, many people took the opportunity to get in some late-season skiing or early sun and, as to be expected, the market quietened for a few weeks. The shortage of property earlier in the year was rectified however and by the end of the
month supply of property was at an historical norm, which elicited buyers as they had a good selection of homes to purchase or rent.

Notable sales in April, both concluded with existing Mayfair residents, included an apartment in one of Grosvenor Square’s finest buildings (£1.975m) and a record price for a Mayfair Village mews house on a 16-year lease (£795,000).

The demand for rental property increased during April with good quality and realistically priced apartments readily finding tenants.

Terms were agreed for a large two bedroom Mount Street flat (£975 per week) whilst the landlord was still having the carpets fitted and in St. James’s, Wetherell successfully let within 6 weeks all the available flats in a period building next door to St. James’s Palace (£475pw – £1,800pw).

MAY  – New Developments to Market    Two Bedroom Apartment

Contemporary two-bedroom apartment in Mayfair Village let within two weeks after redecoration (£975 per week)

With the launch of two new developments, May was a busy month for Wetherell.

38 Upper Grosvenor Street, after major reconstruction and in keeping with the majestic architecture of the stone façade, now provides just four apartments – three lateral apartments and a spectacular triplex of over 3,000 sq. ft. at prices from £2,500,000.

Elsewhere, the fourteen apartments at the 21st on Davies Street were released on a balmy summer evening and by the end of the month 11 flats of this £37M development were either sold or reserved. This included one of the penthouses, which created a new ‘super level’ for genuinely exceptional properties of over £1,700 per square foot.

The trend for record prices slowed but competitively priced property continued to sell and in some cases resulted in competitive bidding, often leading to a sale in excess of the asking price.

Prices achieved for 2 bedroom flats in a
particular Mayfair Village apartment building

    JUNE  – Bank Rate rises, interest falters but Mayfair
values rise

June saw the second successive 0.25% rise in interest rates, which now stand at 4.5%, and the Governor of The Bank of England in a speech to the CBI said “…the chances of falls in house prices are greater than they were.”

Determining meaningful data for residential property in Mayfair is not easy; the diversity of property (location, condition, length of lease and desirability are some mitigating factors) can make truly comparative analysis difficult. Evaluating property in terms of £ per square foot is at best representative and at worst misleading.

None the less, data shows that compared to the same quarter last year, the number of sales in Mayfair this quarter is up (2003 – 20 sales, 2004 – 23 sales) and by tracking the prices achieved for 2 bedroom flats in a particular Mayfair Village apartment building reveals the price rises illustrated in the graph below – it is worth noting that the price rises are against diminishing leases which now stand at circa 35 years.

T H E   S U M M E R   M A R K E T   2 0 0 4

P R I V A T E   G A R D E N S

Exciting times are ahead for buyers seeking special properties in Mayfair with Wetherell launching probably some of the finest properties ever to be seen in the area. Holland House, a Grade II listed Georgian House just up the road from Claridges, is the former estate office of Grosvenor in Brook
Street. Restored to an exceptionally high standard with a feature staircase and elegantly proportioned reception rooms it has the added bonus of a private garden. This house is to be launched at a figure of £9.5M. For those seeking swimming pools for the summer months, two other substantial houses both with their own private gardens are also available at £13M and £15M.

Also to be launched is a new development of six air-conditioned apartments created behind an impressive white stucco Georgian façade. All units have outstanding views over private patio gardens or Hyde Park with prices ranging between £3,5M and £9M. The largest unit features private gardens, swimming pool and private cinema. All units are being sold freehold.

N E W   D E V E L O P M E N T S

The 21st (Mayfair’s award winning development, off Berkeley Square) has three flats remaining on the third and fifth floors each with balconies or terraces and each having their own underground car
parking space and storage locker. Each flat is available on a new 148-year lease at £2.35M.

Add to this the new apartments at 38 Upper Grosvenor Street, ranging from £2.5- £3.7M and a contemporary duplex penthouse over looking Grosvenor Square with three bedrooms and a roof terrace available at £1.975M and you have some of the finest properties Mayfair has to offer.

Wetherell will be producing their latest catalogue of Mayfair’s Finest Properties in the near future.


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