The Mayfair Renaissance
Mayfair is one of the most densely populated areas for ultra prime developments, encompassing the area East of Park Lane, South of Oxford Street, West of Regent Street and North of Piccadilly.
The Grosvenor Estates investment in Mount Street has also assisted in boosting the prestige of the neighbourhood and whilst Mayfair has always had a very pronounced selection of fine restaurants and bars, the need to service an extremely affluent population has created a hub of Michelin Star eateries and a-list bars and members clubs.
Mayfair for many would have either been a retail destination or a commercial/office location, however with the changes to planning rules and permitted development there has been a reduction in the level of office buildings which have been converted to apartment buildings or single dwellings. Westminster Council has also been promoting the conversion of listed buildings in the area to be converted back to single dwellings which helps to support the desire for Mayfair to be ‘the’ most sought after address in London, if not the world for the elite.
Recent Property Developments In Mayfair
There have also been a fist full of extremely high profile developments grabbing the headlines including the disposal or the American Embassy.
- The Redevelopment of 20 Grosvenor Square by Finchatton
- Luxlo’s 77 Mayfair
- The Piccadilly Estate owned by the Reubens Brothers
On top of this there is the overwhelming personal investment from overseas – the Qatari Royal Family have been buying prime addresses for a number of years, as have other wealthy Middle Easter families who are now competing with the many old money Europeans to get the best assets.
The Mayfair Vibe
The area has a fairly unique vibe with nine individual neighbourhoods that give off their own special version of Mayfair. It has always been desirable, but it has excelled where others have slowed because it is still changing, it has stacks of investment behind it and it is one of the few London postcodes where you can get from your front door, to the office, on to world class retail then stop in for supper at one of the best restaurants in the world all on foot.
Mayfair’s limited supply of stock means that it is also a long-term hold for many savvy investors.
Managing Director and founder of Hanover Private Office, Alex Newall is recognised as one of the UK’s top real estate advisors in London and has some of the world’s most affluent individuals as clients.
Harrow educated Newall has transacted in excess of £1billion worth of client assets and currently advises on a further £2 billion of real estate across Europe.