March 1998

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March into Mayfair

        Hill Street,
Mayfair W.1
Triplex period apartment with roof terrace.
Reception Room, Kitchen/Breakfast Room, Master Bedroom with ensuite Bathroom, Three further Bedrooms, Two further Bathrooms.
£895,000 		Hill Street
 
Broadbent Street		 Broadbent Street, Mayfair, W.1
Pied a terre in gentleman's chambers
Located in quiet backwater with Reception Room, Kitchen, Bedroom, Shower Room.
£150,000
Mount Street


Mount Street,
Mayfair W.1
Views towards Mount
Street Gardens.
Fourth floor flat in Mayfair
Village with Reception Room,
Kitchen, Two Bedrooms,
Bathroom.
£275,000


Ombudsman Scheme

 
RENTALS

Broadbent Street, Mayfair W.1
An ideal top floor pied a terre in a period building.
One bedroom, shower room, reception room, kitchen.
Available furnished for a long let. £350 per week.

Grosvenor Hill, Mayfair W.1
A well appointed spacious second floor flat.
One bedroom, bathroom, reception room, kitchen.
Available furnished for a long let. £450 per week.

Upper Grosvenor Street, Mayfair W.1
A first floor flat in a portered building.
Two bedrooms, bathroom, reception, kitchen.
Available furnished for a long let. £525 per week.

Bourdon Street, Mayfair W.1
A luxury development of three maisonettes with garaging.
A choice of either two or three bedrooms.
Available unfurnished for a long let from £750 per week.

Ryder Street, St. James's S.W.1
A superb traditional top floor flat in the heart of St. James's.
Two bedrooms, two receptions, kitchen/breakfast room.
Available furnished for six months. £850 per week.

Upper Grosvenor Street, Mayfair W.1
A fabulous fifth floor apartment in a portered block.
Three bedrooms, two bathrooms, reception, kitchen, wc.
Available furnished for a long let. £850 per week.

Woods Mews, Mayfair W.1
A beautifully decorated maisonette in a mews development.
Two bedrooms, two bathrooms, large reception, kitchen.
Available furnished for a long let. £1200 per week.
 


March Update

It would appear that the availability of new property so far this year is not sufficient to satisfy demand from potential purchasers and tenants. Wetherell's latest research of the Mayfair market reveals that there are 80 properties for sale with a total value £86.2m. Of these, 65 are flats with total value £32.8m and 15 are houses with a total value £53.4m. The average price for a good 2 bedroom flat is now around £400,000 and £650,000 for an exemplary 3 bedroom apartment.

Highly sought after and rarely available in Mayfair are 1 bedroom flats in excess of 750 square feet and 4 bedroom apartments in excess of 2,500 square feet. Wetherell have recently sold examples of both however; a Park Lane duplex of 3,400 square feet and an Upper Brook Street flat of 824 square feet, on asking prices of £1,500,000 and £295,000 respectively.

With only 15 houses currently for sale in Mayfair there is a limited choice, with few sales have taken place. Over 50% of the houses available are in excess of £2.75m, but as spring and summer approaches the market for houses improves offering buyers a greater choice. Wetherell will be bringing to the market a number of refurbished town houses in the next few months.

The rentals market is showing strong demand for good quality properties with an increasing amount of properties coming to the market compared to the beginning of the year. Greatest demand is for furnished properties as employers are relocating personnel from the USA and Europe on fixed term contracts and it is not viable for employees to purchase.


Flats available by price
 		            Flats available by no. of bedrooms
 
Chart            Chart
1 Bedroom - £3.3m 2 Bedroom - £11.5m            1 Bedroom - 14 2 Bedroom - 27
3 Bedroom - £14.2m 4 Bedroom - £4.3m            3 Bedroom - 19 4 Bedroom - 5


NAEA
Wetherell

Mayfair's Leading Estate Agents

Tel: 0171-493 6935     Fax: 0171-629 9303

We sell well

 Ombudsman Scheme
No.21 102, Mount Street, Mayfair, London W1Y 5HF MARCH 1998