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March 28, 2013
Prime Central London Address: Park Street, Mayfair
Mayfair has always been one of London’s most exclusive addresses; developed in the 17th and 18th century, the area has maintained much of its tasteful architecture while becoming a major residential and commercial hub and one of London’s most prestigious locations. A number of factors make Mayfair such a desirable area to live, including its extremely central location, proximity to world class shopping and dining, as well as an abundance of nearby green space provided by Hyde Park and Green Park.
Park Street, located in the heart of Mayfair, offers a wealth of residential properties, which has become a greater rarity in the area as more businesses, hedge funds, and government embassies choose to operate in Mayfair, although this trend has reversed recently due to the profitability, for developers, in converting commercial buildings to residential. Residential properties in this area tend to be some of the most expensive in London and have sold for over £4,000 per square foot, second only to some developments in Knightsbridge, most notably, One Hyde Park. The Penthouse at Fountain House on Park Street sold in October 2012 for £19,500,000, valuing the property at just under £5,000 per square foot. Other notable recent sales in Mayfair include properties at 44-46 Park Street, 71 Park Street, and other properties in the Fountain House which have all sold for upwards of £2,000 per square foot.
High specification and luxuriously finished properties currently being marketed on Park Street include Upper Feilde at 71 Park Street, a £9,500,000 flat for £3,312 per square foot as well as a 3 bedroom flat in the Aldford House marketed for £8,000,000, valuing it at over £3,600 per square foot. Marriott also offers the Grand Residences, located at 47 Park Street, a unique, serviced apartment club which provides residents with part of the leasehold, sparing them the stresses often associated with outright ownership.
Park Street residents have access to some of London’s most desirable and exclusive shopping and dining with streets like Bond Street, Park Lane, and Mount Street a stones throw away. Shops on Mount Street and Bond Street are some of the most fashionable in all of London and offer everything from designer clothing and jewelry to antiques. Nearby outlets include Vivienne Westwood, Marc Jacobs, and Christian Dior shops on Mount and Bond Streets and restaurants including Scott’s, Pollen Street Social, Nobu, and Cut at 45 Park Lane offer a diverse array of some of the world’s finest international cuisine.
Park Street in Mayfair offers a unique opportunity to live in one of London’s most exclusive addresses. As the area’s properties have become more consumed by businesses it is one of few streets which offers high specification residential property stock.
Bond Street, Mayfair
Upper Feilde at 71 Park Street
Aldford House, Park Street
Cut at 45 Park Lane