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Monday, June 1, 2020

Money park Mayfair

Mayfair flat comes to the market for an astounding £5,130 per square foot

 

If evidence were ever needed to show that “ultra prime” London property has become nothing other than a money park for “ultra high net worth individuals”, today it has been provided with the launch of an £18 million 3,059 square foot apartment on Mayfair’s Grosvenor Square.

 

Grosvenor Square is set to become London's most expensive square
Grosvenor Square is set to become London’s most expensive square

The main reception space is some 43 foot in length
The main reception space is some 43 foot in length

The dining room has plainly been stocked by a gin lover given the number of bottles of Hendricks on display
The dining room has plainly been stocked by a gin lover given the number of bottles of Hendricks on display

The master bedroom suite is a similar size to a conventional one bedroom flat
The master bedroom suite is a similar size to a conventional one bedroom flat

The apartment – which is the most expensive ever to have been released onto the Mayfair market is priced at 72 times the price of an average UK home – comprises of a 43 foot double reception room, a 12 seat dining room and 4 bedrooms. The master suite is 600 square foot in size – the equivalent of a conventional 1 bedroom flat – and even the guest cloakroom is described as “super-sized” at 53 square foot.

 

Comparing Grosvenor Square with Eaton Square and Cadogan Square
Comparing Grosvenor Square with Eaton Square and Cadogan Square

Prices per square foot
Prices per square foot

For sale through market leader Wetherell, the service charge on the fourth floor apartment at 18 Grosvenor Square is an astounding £20,019 per annum whilst the Stamp Duty payable on the purchase will be £1.26 million at 7%.

 

Peter Wetherell of Wetherell predicts that Mayfair will become a “£10,000 per square foot location within the next decade”. On that basis, a tiny 300 square foot studio would be worth £3 million. You couldn’t make it up.

 

 

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