Wetherell

Paul Shearer

When a young Cheshire baronet, Sir Thomas Grosvenor, married his child bride, Mary Davies, he came into possession of her substantial inherited dowry. It included several hundred acres of farmland that was ripe for development. It was 1677 and the land, which had previously been used to hold the increasingly rowdy annual May Fair, was subsequently turned into London's poshest village: Mayfair.

It is the most expensive corner on the Monopoly board and its name is synonymous with glamour. Bordered by Oxford Street, Regent Street, Park Lane and Piccadilly, its leafy squares and quiet streets contain a wealthy purr, like the engine of a Rolls-Royce.

After bomb damage in the Second World War, many larger buildings were given 50-year commercial leases. As these have expired there has been a shift back to residential.

What sort of people buy there?

Obviously, people with money. The estate has been careful to nurture "a cosmopolitan mix of commercial and residential property," says Giles Clarke, director of Grosvenor London, "from small shops to embassies and townhouses." Many buy pied-à-terres, particularly those who work in "Hedge Fund Alley" in south Mayfair. "There's a lot less wealth now. The bling has gone," says Peter Wetherell, an estate agent. "In 2007, 90 properties worth £300 million were sold in the first six months of the year. That's down to 27 properties and £100 million this year. Buyers are 50 per cent British and 50 per cent international."

What are the schools like?

St George's School Hanover Square is a C of E primary. "There are good private schools in neighbouring Belgravia and Kensington," Wetherell says.

Any restaurants?

The highest concentration of Michelin stars in the country means that gourmets can indulge. Scott's, on ever more fashionable Mount Street, is a favourite of Kate Moss. Sketch, on Conduit Street, is as famed for its space-age loo pods as for its French chef, Pierre Gagnaire. There is Angela Hartnett's recently be-starred Murano restaurant, or Le Gavroche, or Nobu, or Kai ...

What about shops, bars?

Mount Street, the villagey high street, is the place to buy your shotgun from James Purdey & Sons Ltd or your meat from Allens the butchers (should you find yourself unable to slip away at the weekend and shoot your own food). The street boasts new Marc Jacobs and Christian Louboutin shops, so it now competes with Dover Street as the style destination, although concept store Dover Street Market, draws an international fashion crowd. Then of course there's Bond Street and New Bond Street and all the art galleries, auction houses and antiques shops. There is no shortage of watering holes: Claridge's and the Connaught, and the clubs Harry's, Mark's and George's.

Are there any architectural gems?

Plenty. The various marquesses have managed and developed the estate according to their own eclectic tastes and the architectural fashions of their era. The terracotta and brick buildings of Mount Street are many people's favourites. Or there is Bourdon House, built in the early 18th century, a Grade II* listed building, which was the residence of the second Duke of Westminster until his death in 1953. It is now the London Home of Alfred Dunhill and "reflects the brand's pillars of masculinity, functionality, quality and Britishness". It has a spa and a museum housing some "vintage leather pieces".

And there is, of course, the soon-to-be vacated American Embassy designed by the US architect Eero Saarinen, who also designed the Gateway Arch in St Louis. Will it be listed by English Heritage? Or will it allow further development of Grosvenor Square with its eventual demolition? The US Navy building, bought by Richard Caring for £250 million, recently received planning permission for 41 luxury flats, provided he stumps up a further £4.5 million for affordable housing.

Are there green spaces?

Grosvenor Square, Hanover Square and Berkeley Square, lesser known Mount Street Gardens, and of course, if you can cross Park Lane without being run over, there is the vastness of Hyde Park.

Transport?

For most Mayfair residents it's on foot, since they can find everything they need within walking distance. Step outside the area and there are all the buses and Tube lines you could want: Oxford Circus, Piccadilly, etc.

And the prices?

Super prime and super immaculate properties are holding their value better than those properties which, even if they have been done up in the past decade, are considered unmodernised. Expect to pay £650,000 for a one-bedroom flat, and the prices of a four-bed townhouse or flat start at around £4 million. You can, of course, spend a lot more.

Please click here to view the original article published by The Times, August 21st 2009.