Property Investment Opportunities on the Rise
Expert city planners around the globe agree that the ultimate urban ecosystem blueprint provides: density and scale, a variety of uses, proximity to open space, public transport connectivity, cultural assets, a diverse community and a powerful local economy. It is not surprising then that Mayfair has recently reclaimed the crown from Knightsbridge as the number one residential spot in London.
Mayfair embodies the ideal urban environment, saturated with the highest quality characteristics of a global university town. Offering an even balance of residential, retail, and offices, the mix of land uses provides a liveable community, and the right level of maintenance ensures the preservation of this balance.
NEW DEVELOPMENTS IN THE PIPELINE
To protect the heritage of Mayfair, property developments have been restricted to about 30 new homes a year over the last decade, yet the exclusive neighbourhood is now set for one of its most significant transformations ever.
There are currently several excellent property developments in progress and in the pipeline in Mayfair, to span across the next five years. With construction vehicles making their presence known around town, Mayfair aims to sustain its prime spot as a global destination, as well as the number one address in London. In the current real estate market across the nation, new housing is more critical than ever, due to the supply and demand. To meet the needs, Mayfair strives to create 160 new homes with eight new developments. A highlight of these expansions is that they are providing an average floor plate size of 2,700 square feet, which is the largest offering in London. The new properties will be available with one and two bedrooms and will supply the area with 530,000 square feet of new residential land, at a loss of 480,000 square feet of office space.
These developments will finally allow Mayfair the opportunity to compete with the surplus of projects Knightsbridge has been able to complete during their 30 new homes a year restriction. One Hyde Park, built in 2010, The Knightsbridge, in 2006, and Trevor Square, in 2002, provided 86 apartments, 291 apartments and a handful of penthouses, and 40 new homes to the district respectively.
These eight developments are currently in development, with developers including: Luxlo, Native Land, British Land plc, Finchatton, Clivedale, and Caudwell, yet a further 410 new apartments are in the pipeline across 21 schemes, if the conditions suit. The proposed properties will have the same floor plate size but will add 1,300,000 square feet of residential land to the neighbourhood at a loss of 650,000 square feet of office space.
This impressive new growth will help Mayfair to encompass modernity, improve cultural diversity, and prevail as a residential hotspot for wealthy buyers around the globe.
A POSITIVE OUTLOOK FOR MAYFAIR
Property developments are not the only contribution to Mayfair’s transformation. Two of the neighbourhood’s original and most prestigious squares also have a construction plan in the pipeline. Both Hanover Square and Grosvenor Square are set to be returned to their former beauty in order to create a safe and walkable space for residents to enjoy a more green and open space. Luxury retail and streetside cafes will be more accessible, and most importantly, Mayfair will become a more appealing and desirable place for families to live.
The neighbourhood certainly has an exciting future ahead and can look at the evolution with optimism. Peter Wetherell, CEO of Wetherell, believes people will look back in 2066 and see this decade as ‘Mayfair’s Golden Decade’. As the most exciting ten years in a century, he is elated with the improvements being made to the town and “privileged to be taking an active part in the new Mayfair and to be instrumental in the ultimate ‘luxury retail experience’ – buying a home in Mayfair”.