Property Report October 1997
THE HIGHEST AMOUNT OF PROPERTY UNDER OFFER WITH A LOW VOLUME OF
PRIME HOUSES AND FLATS CURRENTLY FOR SALE IN THE MAYFAIR AREA
£40m Sold in 3rd Qtr
40% Under Offer 4th Qtr
Mayfair continues to show its revival as one of London’s prime residential areas. Currently there are only 90 properties for sale and of these nearly 40% are under offer. 39 properties sold in the last quarter on an asking value of £40 million.
Wetherell’s latest “Survey of Mayfair Property” for the third quarter highlights various trends in the market since our last report.
Mount Street Popularity
In both the sales and rentals market, Mount Street flats have proved very popular. On the rental market two 1 bedroom flats have been let for between £625-695 per week, a two bedroom at £750 p.w. and a three bedroom overlooking Mount Street Gardens at £1,300 p.w.
Sales of “walk up” flats have seen a one bedroom 3rd floor flat at £250,000, a one bedroom 4th floor and a two bedroom 4th floor both going under offer at £225,000 and £275,000 respectively.
£750,000 – £1 million
Property in the middle market has proved to be back in demand as companies return to the market buying flats as opposed to renting.
Of the 13 flats available from £750,000 to £1 million, over 60% are under offer. Six flats sold in this price range including four in the same building off Park Lane.
A good time to sell in the market.
Mayfair’s Top End
Sales continue to show confidence in the “super league” of properties over £1 million. 5 houses sold, two town houses at £1.4-1.5 million, and two Georgian Grade II houses at £2.75m and £4.75m and an unmodernised mansion of 8,000 sq.ft. for £3m.
Two large unmodernised freehold houses sold, one with mews off Berkeley Square (£3.5m) and the second off Park Lane (£3.95m).
The third of the four Penthouses overlooking Park Lane sold (£3.75m) with strong competition for the last remaining unit of 4,000 sq.ft. at £4m for a 999 year lease.
Minimus and Maximus
The cheapest one bedroom flat currently available is a garden flat in Upper Brook Street at £165,000.
The position for best property is between two very different houses. One Grade II listed with 15,000 sq.ft., Empire style, with house, garden and mews (£10.5m), the other a gated courtyard complex of 11,000 sq.ft. backing onto communal gardens (£11m). Both have swimming pools, garaging, air-conditioning and lifts.
Value for Money
With so few properties on the open market our advice is to buy now before present stocks are exhausted.
OFFICE TO FLATS
Wetherell have recently been involved in the sale and acquisition of two former office buildings to revert back to their original residential use as houses, flats and maisonettes in 1998. Since 1991 Wetherell have sold 55 Mayfair buildings, all back to residential use, recreating “The Village of Mayfair”.
UPPER GROSVENOR STREET W.1
Three bedroom flat @ £400,000
1252 sq.ft. 2nd fl.Lift and porter.
HILL STREET W.1
Three bedroom flat @ £675,000
2091 sq.ft. Modern. Car parking
LEES PLACE W.1
Character Corner House @ £750,000
PARK LANE W.1
Magnificent Maisonette @ £1.5m
3410 sq.ft. Parking 2 cars.
FOR RENT MOUNT STREET W.1
2 Bedroom Flat @ £850 pw
Overlooking street. Very spacious
OFF GROSVENOR SQUARE W.1
3 Bedroom Apartment @ £925 pw
Two large terraces and garaging
PARK STREET W.1
3 Bedroom House @ £1,350 pw