29
Jun
WETHERELL MAYFAIR MARKET REPORT JUNE 2012
We always like to read the monthly Market Reports from Peter
Wetherell of Wetherell of Mayfair and this month's is no
exception:
Mayfair Market Report June 2012
“A specialist is a man who knows more and more about
less and less”
So said William James Mayo - a physician in the United States and
one of the seven founders of the Mayo Clinic - in a 1927
Reader’s Digest article.
As the Mayfair Specialist who has worked in the area for 40
years and celebrates 30 years of Wetherell this year; I feel that
it can now also be seen as an apt statement for mere estate agents
selling in an ever “slimmer” market.
Whilst prime central London bucks the housing trend in
rising values we still follow the UK trend in an extremely low
volume of turnover for property sold.
There are currently only 88 properties being openly marketed
in Mayfair with about 10% under offer (75% through Wetherell). With
so little new stock coming to market it is exciting that Wetherell
are not only marketing some of Mayfair’s finest properties
but have a number of great new instructions now on offer.
And yes - I do know a lot more about them as I have dealt
with all of them on a number of occasions in our long
history!
I have recently been looking at similar property sales in
Mayfair over different timescales during the last decade. The
biggest percentage increase has been for Davies Street (now home to
Cipriani – now “C” – plus Alfred Dunhill
and Gagosian Gallery) which 10 years ago was not considered a prime
Mayfair address.
In May 2002 an apartment in The Manor sold for £1.45M
and again in May 2011 for £6.05M. But in 2004 the new
development, The 21st, opposite The Manor and over “C”
arrived with a 2 bedroom flat for £2.75M which resold in 2011
for £5.25M. These two sales show annual increases of 35% &
19% respectively and show the benefits that a new development can
in a street. Mayfair has not seen a new development since the 21st
which is nearly 8 years ago.
Watch this space for the next leap in prices?
Kind regards
Peter
Wetherell
Wetherell
Here is a selection of current properties for sale and to let
with Wetherell:
Upper Grovesnor Street, Mayfair, W1K,
£17,500,000
Built in 1721, the house is highly regarded as having 'the best
preserved early Georgian frontage on Upper Grosvenor Street.' The
subject of a recent and comprehensive refurbishment the house
seamlessly blends historic charm with modern technology. With such
a rich and varied history, the house has been occupied and visited
by many important figures over the years with actors presidents and
the cream of high society entertaining and being entertained in its
many rooms.
Curzon Street, Mayfair, W1J, £7,000 per week
Beautifully designed three bedroom duplex penthouse boating
panoramic views over Mayfair and the West End. 3 Bedroom Suites * 2
large Reception Rooms * Kitchen Breakfast Room * Servery Kitchen *
Cloakroom * Wrap Around Roof Terrace LONG LET
Culross Street, W1K, £3,500,000
Upon instructions from Grosvenor. An unmodernised wide fronted
south facing home with private garden located in a quiet
residential street off Park Lane.
Hill Street, Mayfair, W1J, £850 per week
A unique opportunity to rent a very special ground and lower-ground
floor maisonette in an historic converted Mayfair mansion.
Reception with High Ceiling and Intricate Cornicing * Bedroom *
Bathroom * Sauna LONG LET
Balfour Place, Mayfair, W1K, £1,775 per week
A very special, light and spacious penthouse apartment, with wooden
floors throughout, in an ideal location in the heart of Mayfair
Village. Open Plan Reception Room * Fully Fitted Kitchen * 2 Double
Bedrooms * 2 Ensuite Bathrooms * Entrance Hall * Roof Terrace *
LONG LET
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