The streets of prime central London are currently filled with more construction vehicles than the iconic black cabs and red buses you expect to see amongst the bustling traffic. With the affluent neighbourhood of Mayfair standing its ground as a number one global destination and a popular area for property investment, new property developments are set to make this its most exciting decade yet.
With demand for property increasing, new housing is more crucial than ever, and Mayfair must rise to this need, to retain their top standing. The neighbourhood has had a restricted number of residential developments over the last few decades, with an annual allowance of about 30 new homes. Surrounding districts have benefitted from a number of premium property developments during this time, with Knightsbridge developing One Hyde Park and The Knightsbridge, welcoming 400 new properties to the area. Mayfair is now in the spotlight, with 530,000 sq.ft of residential space currently under construction, regaining an almost equal loss of office space, at 480,000 sq.ft. There are eight luxury developments currently in production, which will create an additional 160 new residences at an average 2,700 sq.ft floor size.
These developments could be the beginning of a series of luxury projects in the area, with an additional 21 designs to be created over the next five years, bringing a further 410 homes to the neighbourhood. The new properties are expected to add 1,300,000 sq.ft of residential space to Mayfair, with 54 percent providing one and two bedrooms, with an average size of 2,700 sq.ft. This expansion will recuperate 650,000 sq.ft of office space in the district. Providing the current schemes are successful, the developers actively involved: Native Land, British Land plc, Luxlo, Clivedale, Caudwell, and Finchatton will work on the addition 21 proposals. Although it depends on current market conditions, a new report by exclusive Mayfair estate agent from Wetherell, reveals that the top developments can demand a 100 percent premium over and above the prevailing market rate, which is currently around £2,400 per sq.ft. The quality level of the new developments currently under construction and the properties entering the market could quite easily command £4,800 per sq.ft. Some homes built under new developments can offer facilities so advanced that they can bring in premiums up to 200 percent over the current market rate, when sold privately.
Mayfair's golden decade
New homes are not the only contributing factor to Mayfair reclaiming the crown from Knightsbridge as number one residential spot in prime central London, two of London's original and most famous squares also have a proposal outlined for a redesign. The refurbishment plans for both Hanover and Grosvenor Square aim to reinstate the safe, green, aesthetically pleasing, and family-friendly environment of the original squares.
Peter Wetherell, CEO of Wetherell, says that he is delighted to be taking an active part in the new Mayfair and to be contributory in the ultimate 'luxury retail experience' - buying a home in Mayfair.
"If you fast forward half a century to 2066, I believe people will look back at the 'twenty-tens' and say that this was 'Mayfair’s Golden Decade'."
This is possibly the greatest transformation Mayfair has seen as a neighbourhood, and with new developments scarcely seen in the area, Mayfair can look to tomorrow with enthusiasm. As discovered in the report, the ideal urban ecosystem, agreed by urban community experts, offers a mix of uses, proximity to open space, density and scale, public transport connections, a strong local economy, and cultural capital. Even with the frequent changes in lifestyle, workstyle, political and social backdrops, and the economy, Mayfair continues to embody the perfect neighbourhood blueprint making it clear why they deserve to hold the crown as number one spot in prime central London.