Prime London Development Report 2013
PRIME LONDON NEW WEST END RESIDENTIAL DEVELOPMENTS REPORT
When I first started working in Mayfair in the 1970’s the terms PCL (Prime Central London) and Super Prime did not exist.
If you wanted to define the expensive areas of London you mentioned Mayfair, Belgravia, Knightsbridge, Kensington and Chelsea - and in that order for price hierarchy.
Today PCL has grown, as has the source of wealth and nationalities of buyers. Over the last 30 years Mayfair has slipped down in the top values due to lack of new stock creating new super values and it has been left to areas like Knightsbridge and Belgravia to fly the flag for London’s most prestigious developments.
How often have I heard the phrase “Mayfair looks cheap” or as I would prefer to say “Mayfair offers good value” when compared to other PCL areas of prime residential property.
Well the tide is now turning once again and Mayfair is experiencing its biggest ‘Step Change’ since the 1920’s; nearly a century ago when old Mansions were torn down and the new commercial mixed use Mayfair came into being.
My experience on values has historically been that Grosvenor Square lead the value race and the rest of Mayfair then caught up with it before the Square went through a new uplift in value which once again permeated through the area.
If this characteristic of trickle down value uplift is repeated over the next decade, then the whole of the West End is due for massive price uplifts as pockets up and down Oxford Street are perceived as ‘good value’ when compared to Mayfair residential values. Wetherell are currently giving development advice on over 400 new residential units in Mayfair which will add nearly 10% to the current stock - a massive step change and the opportunity to regain the title of London’s No.1 residential area offering the facilities of culture, commercial and retail that no other London area can compete with.
Now take into consideration CrossRail and the development opportunities in the ‘West End’ and you will then realise why we think that this report is so important.
This is the first time that the ‘West End’ has been studied in depth as a residential address. The same dynamic is happening in SW1 where Land Securities is turning their mainly commercial estate into the new residential address of Victoria.
Within the next decade the six areas of the West End will be a collective brand address for the ultimate urban living that the best of central London can offer. I trust that the data in this report will help substantiate my belief.
Peter Wetherell
Managing Director
Introduction
Commissioned by leading Mayfair and West End estate agent Wetherell, this report provides an independent and authoritative review of the latest new homes developments, market trends and property opportunities in London’s West End district.
For this New West End residential developments report, Wetherell commissioned market intelligence group Dataloft, to produce some exclusive and new data research and analysis on the new homes pipeline and pricing in each of the districts that form London’s West End. The result is a report which provides detailed and new insights into the new homes market in the heart of prime central London.
The Wetherell report is written by David Spittles, an award winning property writer specialising in London residential property who has also been a reporter for the London Evening Standard for more then 25 years.
WETHERELL THE MARKET LEADER IN MAYFAIR & THE WEST END
Wetherell specialise in Mayfair and West End property, advising clients on the finest residential sales, lettings, investments and new developments in this world-renowned location.
Established in 1982 and lead by Managing Director Peter Wetherell, supported by a senior team of highly experienced professionals, Wetherell advises on over £1 billion worth of residential instructions and is the influential market leader for Mayfair property and a key operator in the wider West End market.
Together, the senior team at Wetherell have over 100 years of experience in working in the local property market. This knowledge, combined with hard work and results, has given Wetherell an outstanding reputation as the leading estate agents in Mayfair with a high and dominant percentage of sales coming from recommendations, referrals or repeat clients.
Wetherell has an expanding Mayfair lettings business, and a dominant Mayfair New Developments department, which advises on all aspects of residential development in Mayfair.
The New Developments department has created 300 new homes in the area with over 400 new homes in planning or under construction.
CLICK HERE TO VIEW THE REPORT
When I first started working in Mayfair in the 1970’s the terms PCL (Prime Central London) and Super Prime did not exist.
If you wanted to define the expensive areas of London you mentioned Mayfair, Belgravia, Knightsbridge, Kensington and Chelsea - and in that order for price hierarchy.
Today PCL has grown, as has the source of wealth and nationalities of buyers. Over the last 30 years Mayfair has slipped down in the top values due to lack of new stock creating new super values and it has been left to areas like Knightsbridge and Belgravia to fly the flag for London’s most prestigious developments.
How often have I heard the phrase “Mayfair looks cheap” or as I would prefer to say “Mayfair offers good value” when compared to other PCL areas of prime residential property.
Well the tide is now turning once again and Mayfair is experiencing its biggest ‘Step Change’ since the 1920’s; nearly a century ago when old Mansions were torn down and the new commercial mixed use Mayfair came into being.
My experience on values has historically been that Grosvenor Square lead the value race and the rest of Mayfair then caught up with it before the Square went through a new uplift in value which once again permeated through the area.
If this characteristic of trickle down value uplift is repeated over the next decade, then the whole of the West End is due for massive price uplifts as pockets up and down Oxford Street are perceived as ‘good value’ when compared to Mayfair residential values. Wetherell are currently giving development advice on over 400 new residential units in Mayfair which will add nearly 10% to the current stock - a massive step change and the opportunity to regain the title of London’s No.1 residential area offering the facilities of culture, commercial and retail that no other London area can compete with.
Now take into consideration CrossRail and the development opportunities in the ‘West End’ and you will then realise why we think that this report is so important.
This is the first time that the ‘West End’ has been studied in depth as a residential address. The same dynamic is happening in SW1 where Land Securities is turning their mainly commercial estate into the new residential address of Victoria.
Within the next decade the six areas of the West End will be a collective brand address for the ultimate urban living that the best of central London can offer. I trust that the data in this report will help substantiate my belief.
Peter Wetherell
Managing Director
Introduction
Commissioned by leading Mayfair and West End estate agent Wetherell, this report provides an independent and authoritative review of the latest new homes developments, market trends and property opportunities in London’s West End district.
For this New West End residential developments report, Wetherell commissioned market intelligence group Dataloft, to produce some exclusive and new data research and analysis on the new homes pipeline and pricing in each of the districts that form London’s West End. The result is a report which provides detailed and new insights into the new homes market in the heart of prime central London.
The Wetherell report is written by David Spittles, an award winning property writer specialising in London residential property who has also been a reporter for the London Evening Standard for more then 25 years.
WETHERELL THE MARKET LEADER IN MAYFAIR & THE WEST END
Wetherell specialise in Mayfair and West End property, advising clients on the finest residential sales, lettings, investments and new developments in this world-renowned location.
Established in 1982 and lead by Managing Director Peter Wetherell, supported by a senior team of highly experienced professionals, Wetherell advises on over £1 billion worth of residential instructions and is the influential market leader for Mayfair property and a key operator in the wider West End market.
Together, the senior team at Wetherell have over 100 years of experience in working in the local property market. This knowledge, combined with hard work and results, has given Wetherell an outstanding reputation as the leading estate agents in Mayfair with a high and dominant percentage of sales coming from recommendations, referrals or repeat clients.
Wetherell has an expanding Mayfair lettings business, and a dominant Mayfair New Developments department, which advises on all aspects of residential development in Mayfair.
The New Developments department has created 300 new homes in the area with over 400 new homes in planning or under construction.
CLICK HERE TO VIEW THE REPORT
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