May 1997

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Wetherell Report

91 PROPERTIES AVAILABLE WITH ASKING VALUE OF £118 MILLION


Busiest Mayfair Market since 1989, but lack of Properties

The first half of this year looks to be firming up as the busiest period since the heady days of 1989, as buyers frustrated by the lack of properties snap up all the available supply of houses and flats for sale in the Mayfair area.
Wetherell's latest "Survey of Mayfair Property" indicates that 53 residential properties were sold in the first four months of the year with a total asking value of nearly £60 million.
The average price, after deducting the larger deals at the top end of the market, was just over £500,000. This sum will still buy a 3 - 4 bedroom flat, although some two bedroom flats are now approaching this figure.

Mayfair Mansions
There is still a strong demand for large period houses reverting back from offices (for the last fifty years) and restored back to their original residential use.
A recent example of this has been a newly restored mansion house in Upper Brook Street, a Grade II listed Georgian house with Italianate private garden and swimming pool complex. The house had many original features with just over 10,000 square feet of space, on the market for a figure of £5.85 million.
The next door house is now available, much bigger at 15,500 square feet, it has its own private mews house with garaging for 6 cars and the main house has "ambassadorial" proportions with a large imposing entrance hallway and staircase to a large L-shaped Drawing/Reception Room. Wetherell are asking £8.75 million for the 101 year lease.

New Instructions
Wetherell are about to launch on behalf of the Grosvenor Estate a substantial house in Upper Brook Street, previously the offices of P&O Shipping. This large building is to revert back to its original use as a residential house with it's own private garden and adjoining mews house with garaging. The house will be sold on a long lease at a figure of £4.2 million.

Penthouse Sales
The four Penthouses at Fountain House are selling well after being equipped as interior designed units. Under the supervision of Jane Blakeney Design, two of the penthouses were interior designed and sold quickly after the decorators moved out. The third unit is now under offer and the fourth will now be interior designed for release in three months time.
With 3,834 square feet (355 sm.) the penthouse has private roof terraces overlooking Mayfair and beyond and will be marketed at £3.75million.

We Sell Well
"Without the supply you will not have the demand" says Peter Wetherell, who has worked in the area for over twenty five years, "Mayfair is now seeing its revival as one of London's premier locations, ideal for those buyers seeking a village atmosphere".

BEST BUYS

There are currently only ninety-one properties available in Mayfair with a value of £118 million.
Wetherell are instructed on over 50% of the total value available.

1-2 Bedrooms = 41% of market
3-4 Bedrooms = 33% of market
5 + Bedrooms = 26% of market

MAYFAIR CHAMBERS W.1 Cheapest one bed flat @ £150,000
Just off Grosvenor Street, an ideal pied-a-terre in heart of Mayfair.
Sole Agent.
MOUNT STREET W.1 Best two bedroom flat @ £250,000
Currently arranged as a large one bedroom. South facing.
Sole Agent.
PARK STREET W.1 Three Bedroom flat @ £335,000
Short lease of 26 years but has spacious accommodation.
Sole Agent.
SOUTH AUDLEY STREET W.1 Four bedroom "house" @ £465,000
Own front door to large maisonette with access to secret gardens.
Joint Sole Agent
GREEN STREET W.1 Four bed maisonette @ £585,000
A newly decorated ground and lower maisonette with patio.
Joint Sole Agent.
RED LION YARD W.1 Freehold House @ £795,000
Backing onto this private yard a 4 bedroom house with garaging.
Owner's Agent.
MOUNT STREET W.1 Corner building @ £1M+
Mixed use building suitable as small HQ building with 2 bedroom flat.
J. Sole Agent.
NEW INSTRUCTION Substantial House with Mews
One of Mayfair's former aristocratic houses reverting back to residential use after 50 years as offices.
Sole Agent.

For information on either the sales or letting market in the Mayfair area call on
Tel: 0171 493 6935    Fax: 0171 629 9303
E-mail: parw@wetherell.co.uk
No.15 102, Mount Street, Mayfair, London W1Y 5HF MAY 1997