Time to transform
Mon 08 Jun 2020
The opportunity to transform an unmodernised apartment into a chic pied-à-terre overlooking Grosvenor Square, with a potential value uplift of £1 million, is available through leading estate agent Wetherell.
48 Grosvenor Square is a grand neo-Georgian building on the corner of Carlos Place, looking onto Mayfair’s famous garden square. The ground floor two bedroom apartment has an open-plan kitchen and reception room and a marble-tiled bathroom, with ceiling heights of 2.9 metres. Built circa 1927, the apartment has period features throughout including original cornicing, a grand marble fireplace and panelling. The unmodernised apartment is for sale for £3.25 million, and this is the first time it is on the market in over 20 years.
Wetherell highlight that 48 Grosvenor Square is the perfect opportunity for a buyer to transform the apartment into a chic pied-à-terre, with the option of creating an extensive Master bedroom suite by transforming the second bedroom into a walk-in dressing room with bespoke cabinetry; the apartment could be worth upwards of £4 million once complete.
In addition, since COVID-19 lockdown restrictions were put in place, buyers are increasingly seeking homes with gardens or within walking distance of parks, so 48 Grosvenor Square could see very high demand once refurbished given it is located just moments from Grosvenor Square.
The Mayfair property market is currently polarised, with buyers choosing between ultra-prime new-build developments and existing second-hand stock that has the potential for redevelopment. Apartments in the neighbouring ultra-prime developments can achieve prices of up to £7,000 per square foot; at the same time, many developers and buyers are looking to existing period properties as renovation projects using luxury interior designers and architects.
Wetherell highlight that the apartment will also benefit from the redevelopment of Grosvenor Square, with schemes such as Finchatton’s Twenty Grosvenor Square and Lodha’s 1 Grosvenor Square leading to a comparative value uplifts for the homes bordering the square.
2/ Peter Wetherell, Chief Executive of Wetherell commented: “The polarised Mayfair property market presents opportunities for buyers to renovate and elevate existing properties, which can lead to a significant value uplift for a home. 48 Grosvenor Square is a charming apartment, unmodernised with period details throughout, providing the perfect canvas for a buyer looking for a project. The buyer could rethink the flow of the apartment, and create a chic pied-à-terre with an impressive Master suite, which could provide a value uplift of anywhere between £500,000 and £1 million. In addition, the apartment’s position on the edge of Grosvenor Square is likely to be very well received by buyers, given that homes in close proximity to green spaces are now in high demand. Grosvenor Square is one of the most desirable addresses in Mayfair and a buyer will be investing in an asset that will be sought-after for years to come.”
48 Grosvenor Square has a blue plaque for architect Charles Edmund Peczenik (1877 – 1967) who lived there whilst working on the square’s development in the early 1920s, an instrumental part of the team building the square.
Grosvenor Square is undergoing a huge redevelopment as part of a 20-year vision to improve the estate. The garden’s redesign will be led by design studio Tonkin Liu with a focus on connecting people to nature. The garden’s planned redesign, coupled with the popularity of ultra-prime developments around the square in recent years has led to it becoming Mayfair’s most sought-after address, attracting international attention.
48 Grosvenor Square is for sale for £3.25 million. For further information, please contact Wetherell on 020 7529 5566.