PRESS REPORT

Our leaflet on Mayfair’s Finest Properties, showcasing over £50 million of developments, houses, flats and maisonettes has been well received and viewings of property are still at an active level. Press reports still speculate over the state of the residential property market in England and central London in particular as trends in London tend to peculate to the rest of the market.

SLOW DOWN

Anecdotal evidence indicates a general slow down in the London market but enquiries for Mayfair remain high with some spectacular deals being effected; a Mayfair mansion mentioned in our September report was subject to a bidding frenzy at £12.5 million and “Mayfair House” in South Street is receiving strong interest at £7.5 million.

The last quarter of the year is historically a busy selling season for Mayfair residential property and over the last two weeks we have added nearly £20 million worth of instructions to our sales portfolio as owners sort out their lives prior to Christmas! Ironically most of the vendors are not churning their holdings in Mayfair but leaving the area, therefore adding to the availability of property.

NEW INSTRUCTIONS

Whilst Mayfair increases its residential family pool of "Mayfair Mothers", we are losing two families seeking larger accommodation; a Penthouse maisonette in Farm Street with roof terrace and car parking comes to the market at £1.25m and a large period flat in the heart of Mayfair Village with large entertaining areas at £1.475m.

UNMODERNISED FLATS

Two unmodernised properties are now available in Chesterfield House, a large mansion block between South Audley Street and Chesterfield Gardens; a 1 bedroom flat at £325,000 and a 2/3 bedroom at £625,000. In Curzon Street a 2 bedroom flat is available at £550,000.

TWO OF A KIND

We occasionally receive enquiries for two or more flats in one building and a number of recent instructions now enable us to offer this option; in Charles Street we have two buildings with two flats each and both with two bedrooms! The first block with two flats of about 1,000 square feet at £875,000 and £950,000, the other with much larger floor plates of nearly 2,000 square feet at £1.85m and £2m.

In Berkeley Street, close to the square gardens we have two 2 bedroom flats at £465,000 and £650,000 and in Curzon Street in a service block we have 2 one bedroom flats combined at £450,000.

FREEHOLD

The advent of new leasehold legislation means that owners of Mayfair property now have the ability to purchase the freehold or long lease on their property after owning it for only two years. This will continue the trend in Mayfair for higher prices as vendors offer what the market seeks. A freehold town house in Upper Brook Street has just come available at £1.95m and a freehold mews house in Hays Mews at £2.25m. Also new to the market is a period house with a private garden and access to one of Mayfair's Secret Gardens at £3.65m.

VIEWS OF MAYFAIR

We have just taken instructions to market a flat originally owned by one of the directors of Colefax and Fowler and decorated in their traditional style. The 1st floor flat overlooks Mount Street Gardens with 3 rooms, kitchen, bathroom and shower room at £800,000.

WATCH THIS SPACE

We are also about to launch one of Mayfair’s finest penthouse maisonettes, in one of the best blocks, with terraces overlooking the whole of Mayfair. Watch this space!