Nick Churton of Mayfair Office recently received the Half Year Market Report from Peter Wetherell of Wetherell of Mayfair, the renowned Mayfair experts and Peter's thoughts made interesting reading.
Report on the Mayfair Residential Property Market - First Half of Year 2011
“The definition of a statistician is a man who believes figures don't lie, but admits than under analysis some of them won't stand up either” (Evan Esar)
One of our leading property agents recently upgraded their 2011 forecast for Prime London movement from -1% to + 8%. Although this shows an amazing strength in the central London residential property market, it does however indicate that we really should not be in the forecasting business!
REPORT THE FACTS
It is probably better to report the facts, so here are the highlights:
The Mayfair market has had a busy 6 months with some record breaking sales creating a step change from £2,500 per square foot (p.s.f.) to over £3,000 p.s.f. June was an amazing month for Wetherell with us selling nearly 60% of the stock with a market value of over £41M
The volume of transactions is still low with just over 60 units sold in the first 6 months with a value of £230M. Wetherell were involved in 30% of the house transactions and sold over a quarter of the total value.
IN AND OUT
Of course the biggest sale not included in these statistics was the “In and Out Club” in Piccadilly (built in 1756-8 as Egremont House) for £130M. Derelict for over a decade, hopes are high for development with its new owners, The Ruben Brothers, as its benefactors. It is a massive vote of confidence in Mayfair.
SOLD MARKET INDICATORS
Culross Street - 3 bedroom town house of 2,847 sq.ft. sold for just under £5M (Wetherell sold in 2003 for £2.7M.)
South Street – A 4 bedroom apartment (which in 1982 was £325,000) was sold in June for £3.1M.
Park Street - An unmodernised Mansion sold for £19M. (In 2005 Wetherell sold for £9M.)
“The secret of business is to know something that nobody else knows”
NEW TO MARKET - STOP PRESS
5 131-132 Park Lane, W1K 7AD, £3,500 per week
A Stylish and interior redesigned lateral apartment of 1,815 Sq ft with views towards Hyde Park.
12 Bourdon Street, W1K 3PG, £1,200 per week
Behind this Victorian coach house façade, a modern mews featuring a roof deck.
Residential Investment Portfolio, W1, Guide Price of £4,000,000
UPON INSTRUCTIONS OF BARNETT, JUDD NEWALL JOINT LPA RECEIVERS A RESIDENTIAL PORTFOLIO COMPRISING SIX APARTMENTS IN MAYFAIR ST JAMES’S
5 47 South Street, W1K 2XQ, £1,450 per week
A glorious 1/2 bedroom penthouse overlooking the Mount Street Gardens and with a south facing roof terrace.
Flat 1 3 Apple Tree Yard, SW1Y 6AE, £1,200 per week
A brand new two bedroom, fourth floor flat with balcony located in the heart of St James's. With light wood flooring and large windows throughout, the flat is contemporary and very light.
Flat 9 Rosebery Court Charles Street, W1J 5EX, £2,250,000
A fourth floor 3 bedroom flat (1226 square feet) in this portered apartment building with a share of the freehold and private parking.
51 Hertford Street, W1J 7ST, £5,250,000
INVESTMENT OPPORTUNITY - A self contained block three newly created apartments in this attractive corner building just south of Curzon Street
“We shape our buildings; thereafter they shape us”. Winston Churchill
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