May 1998

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Upper Brook Street
 Chesterfield Gardens
Chesterfield Gardens, Mayfair W.1.
First floor flat in one of Mayfair's Premier apartment blocks, in need of updating.
Drawing Room, Dining Room, Kitchen, Three Bedrooms, Bathroom, Cloakroom, Lift, 24 Hour Porterage, Share of Freehold.
Sole Agents   £550,000
Upper Brook Street,
Mayfair W.1.
Period building arranged as one maisonette,
one flat, one duplex.
Maisonette with 2 Reception rooms, Three Bedrooms,
Private Garden. Flat with Reception Room, Bedroom.
Duplex with Two Reception rooms, Three Bedrooms.
JSA Perry Bousfield   £1,600,000
 
 
Upper Brook Street

Upper Brook Street,
Mayfair W.1
Newly refurbished first floor apartment with 11'6 ceiling
heights in period building.
Reception Room, Kitchen, Bedroom with Ensuite
Bathroom, Bedroom Two, Shower Room, Lift,
Caretaker.
Sole Agents   £515,000
  
RENTALS

Adams Row, Mayfair W.1
An ideal first floor pied a terre with large terrace. One bedroom, bathroom ensuite, reception room, kitchen.
Available furnished for a long let. £400 per week.

South Audley Street, Mayfair W.1
A newly refurbished basement flat with terrace. One bedroom, bathroom, reception room, kitchen.
Available furnished for a long let. £425 per week.

Charles Street, Mayfair W.1
An elegant ground floor flat in a period building. Two bedrooms, bathroom, shower room, reception, kitchen.
Available unfurnished for a long let. £600 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 £700 per week.

Mount Street, Mayfair W.1
A superb newly refurbished top floor flat overlooking Mount Street Gardens. Two bedrooms, bathroom, shower room, reception, kitchen.
Available furnished for a long let. £850 per week.

Upper Grosvenor Street, Mayfair W.1
A fabulous fourth floor apartment in a portered block. Two bedrooms, two bathrooms, reception, kitchen, wc.
Available furnished for a long let. £750 per week.

Park Street, Mayfair W.1
A beautiful third floor flat, ideal for entertaining. Three bedrooms, two bathrooms, wc, large reception, kitchen
Available furnished for a long let. £1450 per week.


May Market Overview

Market Comment
Since the beginning of the year the majority of sales have been apartments, notably one or two bedroom flats, due to larger apartments and Mayfair houses not being available.

Overview - 2 Bedroom Flats up to £500,000
The least expensive flat, a pied a terre in St James's, sold on an asking price of £120,000, (albeit with a 19 year lease) whilst a one bedroom minimalist style loft apartment achieved in excess of £350,000, a record price for a fourth floor walk-up. Good Mayfair flats with two bedrooms are achieving over £400,000, with exceptional flats reaching £500,000.

Best Sale and New Instructions
The most notable sale of the year is 19 Upper Brook Street, a Mayfair Mansion of circa 15,500 sq ft that was sold on an asking price of £10,500,000. The current paucity of houses is set to change as summer approaches, the prime time to sell. Coming to the market with Wetherell is a freehold townhouse with staff flat and garaging in one of Mayfair's prime streets. Also coming available is a newly refurbished house off Berkeley Square with a spectacular double height atrium opening onto a private garden, for sale at £3,250,000 and an air conditioned townhouse backing onto Mayfair's Secret Garden.

The 'Quiet' Market
It is noticeable that many houses are sold without open marketing. Purchasers who retain Wetherell, can source properties that are not in the open market. This is due to our extensive local knowledge, some owners may not want to be seen to be selling, or perhaps are thinking of selling in the near future but would be pleased to find a buyer before going to the market.

Investment Market
Development opportunities in Mayfair are few and far between; when a development property arises, best and final offers maybe the order of the day. This is highlighted by a property off Berkeley Square that Wetherell were marketing on behalf of The Grosvenor Estate, which resulted in over 40 bids being received.

Rental Market
Currently on the long term rentals market we have two luxury unfurnished apartments, with views over Berkeley Square. One of the apartments has four bedrooms and is located on the second floor of this portered block at a rental of £1850 per week and the other a penthouse flat has four bedrooms, and two inter-connecting reception rooms onto a fabulous south facing roof terrace and has air conditioning throughout, it is available for a rental of £3000 per week. Corporations from around the world see Mayfair as a corporate address.

Conclusion
Supply is still being out paced by demand and Mayfair is still better value than other prime residential areas of London.



NAEA
Wetherell

Mayfair's Leading Estate Agents

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

We sell well

 Ombudsman Scheme
No.23 102, Mount Street, Mayfair, London W1Y 5HF MAY 1998