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June 21, 2013
Mayfair’s Resurgence As London’s Most Expensive Area
Mayfair is bordered by Oxford Street to the North, Regent Street to the East, with Green Park and Piccadilly to the South and Hyde Park to the West. The central location, aristocratic history and abundance of ultra chic shops and restaurants continue to attract the global elite to the area. While Oxford Street offers its world famous high street shops, New Bond Street in Mayfair homes some of the worlds most luxurious brands.
For all its attractions and heritage, Mayfair residential property has historically achieved the highest per square foot values and prices. However in the recent past Knightsbridge values have surpassed those of Mayfair driven particularly by the purchasing habits of buyers from the Middle East and CIS countries, attracted by the shopping arena in Knightsbridge and often placing importance on being within close proximity to Harrods. The KKindex, which tracks the average highest achieved sales prices for high specification and unique properties on prime streets within a selection of prime areas in prime central London, provides an average price per square foot of circa £3,600 in Knightsbridge (in July to December 2012). The pinnacle of this price drive was of course crystalized in the sale of a £140 million penthouse in One Hyde Park which is reported to have achieved circa £7,000/sqft. Besides One Hyde Park there is also The Knightsbridge often recognized as the second most desirable development in the area, recently achieving prices per square foot of up to £5,500/sqft.
Nonetheless Mayfair’s price increases are now gaining momentum and can be observed through the increase in average price per square foot of 35% from December 2011 to December 2012 to £3,261/sqft according to the KKindex, following Knightsbridge closely. The significant increase can be partly attributed to the sale of the penthouse at Fountain House earlier in October 2012 for about £19,500,000 where price per square foot averaged at just under £5,000. Multiple sales on Mount Street were also a cause for the observed price increase in Mayfair. Developers are keen to capitalise on this and this evidenced by the increased number of planning applications submitted to Westminster City Council over the past year. Further Khalil and Kane has also experience a noted increased enquiries for residences in Mayfair area as perhaps it now seems to offer better value in the world of super prime addresses.
Notable forthcoming developments in Mayfair include Mayfair Chambers which will provide six high quality new build apartments located at the corner of Grosvenor Hill and Broadbent Street. Native Land has also acquired a prime site at 30 Old Burlington street in East Mayfair where it will provide over 42 luxury apartments in the pre-existing 83,000 sq. ft. building which is expected to be completed 2016, with Rogers Stirk Harbour and Partners as architects.