Mayfair's Golden Decade

Introduction

NEARLY 25 YEARS AGO I OPENED MY CORNER RETAIL SHOP IN MOUNT STREET (Peter Wetherell)

The uptick in my relationship with the area was instantaneous and enormous which was surprising since I had run the business previously (for 10 years) from private offi ces in Upper Grosvenor Street and South Audley Street – but that transparent street level relationship with the community and business really made the difference.

On our opening day the restaurateur Nicky Kerman, then the owner of Scott’s, invited me across the street to dine with him and later in the week our Mount Street bank, Coutts & Co invited me out as well.

All the banks have now gone and Mount Street today has turned from “antiques” to “boutiques” in under 10 years. Scott’s continues to be the the top restaurant and Mount Street today is the No.1 destination location for luxury retail – some say – in the world.

The latest transformation of Mount Street is just one small part of the overall rejuvenation and re-invention of the whole Mayfair area which now stands head and shoulders above the surrounding areas as the No.1 London location to live, work or visit.

Mayfair has regained the crown from Knightsbridge – not only are there 160 new apartments now under construction (and a potential 410 other units in the pipeline) but Mayfair has the largest average size fl oor plates of 2,700 sq.ft.

I am very privileged to be taking an active part in this new Mayfair and to be instrumental in the ultimate “luxury retail experience” – buying a home in Mayfair.

If you fast forward half a century to 2066 – I believe people will look back at the “twenty tens” and say that this was “Mayfair’s Golden Decade” – probably the most exciting 10 years in nearly a century, as we embark on what is the biggest programme of demolition and rebuilding since the 1920s.

Ultimately we all have a responsibility as collective custodians of present day Mayfair to act as the gatekeepers for the future of the area and to continue “Mayfair’s Golden Decade” for many more years to come.

Executive Summary

• Mayfair’s two premier and original squares – Hanover Square & Grosvenor Square – to be returned to their original magnificence
• Historically Mayfair had little new homes supply, whereas rival Knightsbridge had a large supply (The Knightsbridge, One Hyde Park, The Bulgari)
• Now the position is reversed
  - 160 new homes under construction
  - 410 in the pipeline
  - Mayfair as the original prestige address of London is outstripping Knightsbridge once again
•  Mayfair returns to its residential origins
  - 500,000 sq ft more residential
  - 500,000 sq ft less office use
• The average new home price is £2,400 per square foot – set to double over
  the next 10 years
• Mayfair’s millionaire residents each contribute £4.5 million to London’s economy for each 90 days they spend in London
• Mayfair’s billionaire or millionaire residents living all year round in London contribute up to £50,000 per day into the London economy
• £1.14 billion spent on public realm improvements over the last decade, creating fi ve new major public realm areas
• Largest new home fl ats in London – average for Mayfair under construction is 2,700 sq ft
• Mayfair price premium – consistently 2% above other Prime addresses
• Golden Offi ce Space – largest concentration of Hedge Funds and Private Family Offi ces in London
• Residents are some of the biggest shoppers in London. Local residents spend twice as much money on Bond Street than visitors from outside Mayfair
• From one custodian to a collection of custodians
• From a domestic population to a cosmopolitan population
• From older households to younger households
• Polarisation of households – Ordinary Londoners combined with global ultra-high net worth individuals

Evolution Of An Urban Oasis

Mayfair is a master of reinvention. It is currently in the midst of one of the greatest transformations in its long history of successfully adapting to change – change in the economy, change in ways of living and working and changes in the political and social backdrop of the nation – change that manifests in the biggest programme of demolition and rebuilding since the 1920s. Opportunities for new development are, quite rightly, rare in Mayfair but with several world class
developments under construction, Mayfair is preparing for the future with an all pervading spirit of optimism.

Urbanists across the globe largely agree on the blueprint for the perfect urban ecosystem and it includes: density and scale; a mix of uses; proximity to open space; public transport connectivity, cultural capital, a diverse community and a strong
local economy. Mayfair has all of these. It is imbued with the fi nest qualities of a global university town. It is, in many ways, the archetypal liveable, walkable urban community.

Mayfair has a balanced mix of land uses with broadly one third in each of residential, offi ce and retail/leisure. Good stewardship ensures that the balance is preserved. Historically stewardship fell primarily to Mayfair’s landed estates but today they collaborate with a network of strategic bodies including Westminster City Council, The New West End Company, The West End Partnership and the Neighbourhood Forum.

Mayfair has challenges too: to embrace modernity and renewal while protecting its heritage; to be home to the global super wealthy and to retain and enhance social diversity; to save space for its traditional retailers, while attracting ever more international designer brands; to understand its place in the wider London and UK economy; to welcome the young from across the world to its highend nightclubs yet have regard to the peace of its residential streets and, above all, to preserve its unique ambience and still absorb the intense pressures of demand for space.

Mayfair's Latest Reinvention

CONSTRUCTING THE FUTURE

Builders’ trucks might be a more common sight than the London black cab as the new vibrant modern Mayfair emerges.

Reinvention is important. For a neighbourhood to remain a top global destination, renewal and new housing stock is critical. And yet Mayfair residential development has been limited to around 30 new homes a year in recent decades. Over the same time frame Knightsbridge has gained a plethora of ultra-prime and often ‘branded’ developments. Think One Hyde Park (86 apartments completed in 2010), The Knightsbridge (291 apartments and the handful of mews and penthouses completed in 2006) and Trevor Square (40 luxury apartments in the old Harrods depository completed in 2002).

It is now Mayfair’s turn to take some of this limelight. We highlight eight new developments under construction creating 150 new homes for Mayfair with an average size of 2,700 square foot. Just under half of them have one or two bedrooms. Another 21 schemes and 410 homes are in the planning pipeline and could be delivered within the next five years if conditions are right for the developers to start on site.

DELIVERING QUALITY WITH CARE

There are extra costs and particular complexities associated with developing in Mayfair. Compliance with Westminster’s ‘Considerate Contractors Scheme’ makes a real difference in terms of how the building is perceived in advance of its completion. 

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