Yahoo Finance Mayfair modernises as property sales at new developments outstrip historic homes
Sales of homes in new developments in Mayfair are rapidly outstripping those in traditional historic buildings in central London’s elite neighbourhood, according to a new survey.
The data shows that 70 per cent of the near £800 million worth of sales in the £5 million plus bracket last year were for new new build apartments and houses. In the £10 million plus bracket 80 per cent of sales were for new homes.
Mayfair estate agent Peter Wetherell said the shift has been building over the past five years when the first of a stream of high end luxury develpments came on the market in an area previously dominated by period Georgian, Victorian, Edwardian and pre-war town houses and mansion blocks.
The founder and executive chairman of the Wetherell agency said: “Mayfair has always been the best area to live, work and play in London, but as our new survey reveals historic Mayfair has been replaced by a new “modern Mayfair”.
“Alongside new homes the area now attracts all the A-listers and celebrities and boasts re-imagined flagship hotels, revived luxury retail, new clubs, modern HQ offices and vastly improved public realms, it’s no surprise there has been a huge demand for the area’s new prime residential developments, with all the facilities you could ever want on tap.”
New schemes include branded residences such as Four Seasons at Twenty Grosvenor Square, The Mandarin Oriental in Hanover Square and The Mayfair Park Residences, with direct access to a Dorchester Collection hotel
Other new developments include The Bryanston, an 18-storeytower with Hyde Park views and their own outside space and 1 Mayfair, a £2 billion neo-Georgian development designed by New York starchitect Robert Stern currently being built on the site of a former parking garage for phones billionaire John Caudwell.
