7
Sep
Mayfair Market Report September 2010
Peter Wetherell of Mayfair based brokerage Wetherell shares with
Nick Churton of Mayfair Office his September Market Report.
The “Sultan of Berkeley Square” Returns
HISTORY – PRICES THEN AND NOW
The noisiest part of a quiet August was the return to Mayfair of
Asil Nadir who fled these shores nearly 20 years ago.
Now 69 he has travelled back with his 26 year old wife to fight
outstanding charges of stealing £34M from his Polly Peck
empire. His office headquarters were based in Berkeley Square
a short stroll from his house in “Mayfair
Village”.
His return brought back memories as Wetherell dealt with both the
Mayfair house he left and the one he now rents for £5,000
p.w.
In December 1992 Wetherell acquired his house off the bank selling
Polly Peck’s assets. In those days there was no
leasehold enfranchisement for buying freeholds (except for small
houses) and his 5 bedroom corner house was on a 65 year lease for
£850,000 which we acquired for a client at a knockdown price
of £612,500.
Earlier in 1991 the 6 bedroom house he is now renting off Grosvenor
Square, again on a 65 year lease, was sold for £1.05M, say
£1.25M freehold value. Wetherell recently sold this
house freehold on an asking price of £7M. This
represents a 560% increase in value over 19 years or nearly 30% per
annum!
Another recent “off market” sale of a freehold house in
“Mayfair Village” was sold by Wetherell for £11.5M
which previously sold in December 1992 on a 35 year lease for
£1.225M. Assessing a freehold value at £1.9M would
again show a 600% return.
FUTURE GROWTH IN MAYFAIR VALUES
Mayfair still represents good comparative value to other prime
central London residential locations. For those fearing that we
have future inflationary times ahead, Mayfair property has shown a
remarkable rise from the previous recession of the early
1990’s to today.
Wetherell’s view is that there will be a substantial uplift
in the future as Mayfair continues its reversion to being the
premiere residential area of central London.
STOP PRESS
The usual lull in August sales activity was countered by 25 new
instructions in the Mayfair market which represents nearly 20% of
market availability and was solely needed in a market starved of
stock. Wetherell won 30% of these new instructions.
Have a browse of the wonderful Mayfair properties currently for
sale at
www.wetherell.co.uk
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