Residential Update: Mayfair & St James's
Mayfair & St James’s are areas undergoing a transformational change. In recent decades one of the most expensive locations in the world has evolved into a largely commercial, retail and hotel destination. Surrounded by parks, adorned with iconic and historic buildings and home to London’s luxury retail, Mayfair & St James’s have undergone several eras of change. The present transformation is an incremental one back towards its more historic residential roots. The escalating demand for high-end and prestigious homes is the catalyst for change. Most significantly, given the scale and nature of developments, we expect Grosvenor Square to shortly become the most desirable residential address in the world.
Mayfair & St. James’s
Key highlights include:
• Pricing can often exceed £5,000 psf for best in class properties and approach £6,000 psf on rare occasions
• Prices have stabilised during the year to Q1 2018. We expect the next movement in prices to be up
• Typical one bedroom apartments in Mayfair & St James’s range from £900,000 to £1.15m while two bedroom flats usually command between £1.75m and £2.0m.
• A typical one bedroom apartment in Mayfair & St James’s rents for between £500 pw and £750 pw while a two bedroom flat ranges from £800 pw to £1,300 pw
• 207 private units in the planning pipeline in the area, adding to the 222 units currently under construction