Here is the latest Market Commect from Peter Wetherell of Wetherell of Mayfair
Oh! – The benefit of hindsight.
A LOOK BACK TO 1985
I have recently been researching an article for the publishers of The Mayfair Times who celebrate 30 years in 2015. I have a certain advantage in research because I created the publication in 1985 as the voice of Mayfair for the residents businesses of the area.
I have just re-read the inaugural edition and what amazed me – (apart from the ludicrously low prices the properties then achieved) - was the speed of the transactions – In the space of 3 weeks Wetherell sold £2m worth of property in 11 transactions and the average time to exchange was 10 working days – and this was before the advent of facsimile machines and email.
In those days a 1 bedroom flat sold between £85,000 to £150,000 and a 2 bedroom between £150,000 and £275,000. Take a 2 bedroom apartment in Balfour Place which in 1968 was £20,000 rising to £225,000 by 1985 – it is now worth over £2M.
In 1985 the Grosvenor Estate’s development arm Wheatsheaf Investments launched 6 flats at 51 Mount Street at £285,000 each on a 75 year lease. Wetherell are currently selling the same now on a 46 year lease for £4.25M. Mount Street, Mayfair, W1K, £4,250,000
An elegant two bedroom apartment of 1502 sq ft with six windows facing south over arguably Mayfair's finest street. For details click here.
The only new development in 1985 was in Charles Street by Higgs & Hill builders who created Roseberry Court – 22 two and three bedroom apartments on new 99 year leases being sold at £300 p.s.f. which now IN 2015 sell for over £2,000 p.s.f.
A mews house of note was in Three Kings Yard (named after a pub that stood at its entrance) which had parking and sold for £175,000. Wetherell are now selling a very modern refurbishment of the same house but now freehold at £4.25M Three Kings Yard, W1K, £4,250,000
A freehold idyllic two bedroom mews house, offering private and secure living within a gated mews complex with a designated parking space available. For details click here.
Perhaps the biggest surprise was the cost of car parking – a NCP covered parking space was £2,400 p.a. in 1985 and now 30 years later it is £4,120.
BBC2 – WELCOME TO MAYFAIR
Lastly, the BBC has been filming in Mayfair for the last year to give an insight into the area. This one off programme is being broadcast on BBC2 this Sunday the 15th February 2015 at 2200 hrs.
Here is the link to the synopsis of the programme.