Here's an interesting update from our friend Peter Wetherell at Wetherell of Mayfair - the Mayfair Guru. Who says:
Over the summer I have been presenting to London’s top developers and landowners on the success of modern day Mayfair and how the next 10 years will be the most exciting decade for nearly a century.
My proposition is “Don’t wait to buy in Mayfair – just buy in Mayfair and wait”.
Mayfair’s long heralded residential development boom is underway with building work scattered all around the area and set to deliver a potential 400 new residential units – now that is what I call a step change - when you can increase the amount of addresses by 10% and the number of residents by up to 25%.
Off market pre-sales of new residential stock is selling for a significant premium over the market rate and this can only be good for the current market.
WHICH QUARTER? 33% IN Q4
Historically 33% of residential sales are exchanged in the last quarter of the calendar year and this year (due to the slow summer) there are 25% more properties available.
The proportion of under offer properties stands as usual at about 15% of the market.
MOUNT STREET NEW RETAIL OPENINGS
New luxury retail shops to open recently on the street include “Dior”, “Creed”, Georg Jensen” and “Marni” with “Balmain”, “Erdem” and “Bamford” opening up just around the corner in South Audley Street and Turnbull & Asser in Davies Street. Sadly Allens the butcher has closed.
MOUNT STREET RESIDENTIAL OFFERINGS
With the dark winter days ahead what better than a light south facing property. Wetherell can offer two south facing newly modernised flats - a 2 bedroom (1,400 sq.ft.) apartment for £4.5M+ and a top of the range 5 room lateral (2,303 sq.ft.) at £7.95M.
NEW TO MARKET FROM £1.25M TO £35M
Whatever the price range Wetherell is launching into the market some £75M of amazing homes in the run up to Christmas.
CHARLES STREET: magnificent south facing 25’ x 21’3 reception room with 15 foot ceiling heights in one of Mayfair’s rare white stucco buildings. Enfranchiseable lease for sale @ £1.25M
GROSVENOR SQUARE: 17 windows with views over the (soon to be old) US Embassy and Grosvenor Square. Interior designed throughout and with porterage and parking @ £11.5M
CHARLES STREET: 2 bedrooms and a Study with this stunning interior designed apartment in a rare FREEHOLD block @ £7.75M
REEVES MEWS: A 1st floor 3 bedroom apartment with one of the largest roof terraces in Mayfair @ £4.95M
UPPER BROOK STREET: One of Mayfair’s finest white stucco houses with an amazing private garden, separate Mews house with garaging - plus a swimming pool and FREEHOLD @ £35M
GREEN STREET: For dog lovers and communal gardens we have a 3 bedroom maisonette with access to the “secret gardens” @ £7.5M
PARK LANE: Your own private garden on Park Lane with this amazing maisonette @ £5.75M
PARK LANE: 2 bedroom apartment approached from “In & Out” driveway @ £850 p.w.
CURZON STREET PENTHOUSE: 2 bedroom duplex with roof terrace @ £2,100 p.w.
SOCIAL – MOUNT STREET LIGHTS – DATE FOR DIARY
As usual November sees the start of the Christmas season with our lighting ceremony.
THURSDAY 19TH NOVEMBER / 5:30 – 8:00 (Switch on at 6:30)
The street will be open late to help you launch yourself into the Christmas spirit.
PUBLIC MEETING – LICENSING
There is a Public Meeting for Residents and Business on Licensing of premises in Mayfair and the procedures required. In attendance will be Local Councillors, Residents’ Society of Mayfair & St James’s and the Director of Licensing who can all respond to questions of process and other issues.
WEDNESDAY 21ST OCTOBER / MAYFAIR PUBLIC LIBRARY / 6:00 – 8:00
For further information contact Peter Wetherell on 020 7493 6935
102 Mount Street | Mayfair | London | W1K 2TH | ML: 020 7493 6935
No.1 in Mayfair - Wetherell - 42% Market Share for 2014
(Lonres/Dataloft: Total Value Residential Sales in Mayfair)