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Property Features
Mayfair, Marylebone & Fitzrovia
Regarded as some of the most elite addresses in
London, lets firstly look at what’s in a name?
Mayfair is named after the annual fortnight-long
May Fair that took place there from 1686 until it
was banned in that location in 1764. Before 1686,
the May Fair was held in Haymarket and after
1764, it moved to Fair Field in Bow. Looking at a
tube map helps quantify that Mayfair is roughly
bordered by Hyde Park to the west, Oxford Street
to the north, Piccadilly and Green Park to the
south and Regent Street to the east.
Much of the area was first developed between the
mid 17th and 18th century as a fashionable
residential district by a number of landlords, the
most important of them being the Grosvenor
family. The freehold of a large section of Mayfair
also belongs to the Crown Estate. Rental yields are
accepted as some of the highest in London and
the world.
Marylebone gets its name from a church called
"St Mary's" (now known as St Marylebone Parish
Church) which was built on the bank of a small
stream or "bourne", called the Tybourne, in an area
named after the stream,Tyburn.The church and
the surrounding area later became known as
St Mary by the Bourne, which over time became
shortened to its present form, Marylebone. Its
natural boundary is Oxford Street to the south,
Marylebone Road to the north, Edgware Road to
the west and Portland Place to the east.
A large part of the area was constructed by the
Portman family and is known as the Portman
Estate. Another significant portion of the area, that
includes Marylebone High Street, is the Howard de
Walden Estate. Both estates have aristocratic
antecedents and are still run by members of the
families. Cavendish Square and Portland Place
reflect the Dukes of Portland landholdings and the
Georgian era developments there.
Fitzrovia is named after the Fitzroy Tavern, a
public house on Charlotte Street.The public house
was named after the Hon. Charles Fitzroy, (later
Baron Southampton), who first developed the
northern part of the area in the 18th century.
Fitzroy purchased the Manor of Tottenhall and built
Fitzroy Square.The square is the most distinguished
of original architectural features of the district,
having been designed in part by Robert Adam. As
an area, it lies partly in the London Borough of
Camden (in the east) and the City of Westminster
(in the west). It is contained within the Euston
Road,Tottenham Court Road, Oxford Street and
Portland Place to the north, east, south and west
respectively.
Much of Fitzrovia was developed by minor
landowners, which led to a predominance of small
and irregular streets, in comparison with
neighbouring districts like Marylebone, which were
dominated by one or two landowners.
The most prominent feature of the area is the BT
Tower, which is one of London's tallest buildings.
The local agents are privileged to benefit from the
architectural legacy that has been left behind. As a
buyer, you have the opportunity to purchase some
of the most striking apartments and houses in
London today.
So, what do the agents have to say?
“The Marylebone market was busy at the beginning
of July but quietened down as always for the usual
summer lull", comments Paul Sulkin, Director of
Sales at Kay & Co’s Marylebone Office (020
7486 6338). "We have, however, noticed that
activity picked up towards the end of August with a
number of significant sales taking place. This
includes a large mews house in Thornton Place with
an asking price of £2.2m and a large freehold house
off Marylebone High Street for £6.5m."
Philip Christie, Branch Manager of Kay & Co's
West End Office (020 7636 2000) said that in
Fitzrovia the market is equally as strong as in
Marylebone but that stock levels are even lower.
"Stock shortages are a big problem here. The
majority of the properties in Fitzrovia tend to be
smaller than neighbouring Marylebone with much
of it having been bought up years ago very
inexpensively by rental investors who are achieving
fantastic returns."
"There is, however, several new schemes coming to
the market in the not too distant future including
Candy & Candy's Noho Square on the site of the
former Middlesex Hospital and Ridgford's 19,500
square foot mixed-scheme at 41-51 Bolsover Street.”
At Manors Estate Agents (020 7486 5655),
Jonathan Adams believes that a number of their
buyers and sellers are concerned by the conflicting
press reports about the property market and the
knock-on effect of increasing interest rates.
However, Jonathan feels that “The market is still
being driven by lack of supply with many record
prices being achieved. We have recently achieved
more than £2,000 sq ft for an apartment within
prime Marylebone”.
In their Lettings department, Caroline Choi always
looks forward to the September market. As a wellestablished
agency, with a double fronted office in a
prime position on Baker Street, Caroline said “It is
seasonal for the rental market to be in great
demand, as umpteenth overseas students are
expected in the month of September. Hence, one
and two bedroom furnished flats can command a
good income for would be landlords.”
They recently let Fitzharidge House which was on the
market at £850.00 per week, this 5th floor, two
bedroom luxurious apartment at the southern corner
of Baker Street benefits from delightful views over
Portman Square Garden from its private balcony.
Over on Green Street in Mayfair, just off Park Lane,
is a truly striking contemporary designed three
bedroom apartment finished to a very high
standard. Ideally situated for the wealth of
fashionable shops, bars and restaurants, the
apartment benefits from an integrated Crestron
home entertainment system and bay window with
French doors opening out onto the balcony.
Arranged over first and second floors with 2,118 sq ft,
it recently sold through Foxtons (020 7893 6087)
within two days of marketing for £4,770,000, equating
to an astonishing £2,252 per sq ft.
Independent agent Rob Ashby-Crane from Holland
& Hyde (020 7580 0999) believes that “marketing
it vital to the sale, or purchase, of any property”. Rob
continues,“Because it is so central, the West End has
a very bright future. People are prepared to take a
long term view when they purchase around here,
which makes all the difference”.
Over in Marylebone, Property Finder Oliver Craven
from Richard James (020 7723 7500) also
makes reference to the interest rates. “As interest
rates have gone up recently with a possible further
increase to follow shortly, some people are
expecting that the sharp increases in prices that we
have experienced during this year may fall back
towards the end of the year”. Oliver also
highlighted that whilst August is historically a quieter
month, there was still a high level of market activity,
indicating that prices may continue to rise.
Prime examples of this activity can be seen in two
sales they arranged during the year. The first in
January and the second, eight month’s later, in
August. Both properties were on Molyneux Street
and both sold for £1.275m. Whilst 44 was
superbly presented, 45 needed some work.
On the lettings side, Esther Collins at Knight Frank
in Portman Square (020 7483 8349) has seen
an influx of international corporate relocations into
central London. “The Lettings market has felt the
effects of this with a growing number of enquires.
This increase in demand has caused a shortage of
one and two bed apartments, in turn resulting in
prices being boosted up. The rise in capital values
has meant some Landlords have taken advantage of
the strong sales market and sold their properties,
also having an impact on lettings stock availability and
rising rental levels”. Esther believes that levels into
September will be high and they see it as one of
their busiest months of the year.
Shirley Humphrey, Sales and Marketing Director for
Harrods Estates (020 7409 9001) comments
“Compared to nearby Knightsbridge, Mayfair is
relatively more affordable and growing in
popularity.“ It is more obtainable for those wanting
a luxury property with a central address. Recent
research indicates that up to 356 Mayfair addresses
are returning to residential use.The properties are
being bought by the new elite class who want a
central London residence in a fasionable
neighbourhood that offers a stylish and
sophisticated lifestyle.
Shirley continues “At Hereford House on Park
Street, we are marketing a well-proportioned two
bedroom 4th floor apartment. Boasting 1,318 sq ft,
this converted period property is available from
£1,795,000, complete with porterage. Mayfair has
the convenience of being close to the West End
and The City; there is less traffic congestion and
more green space; and an increasing number of
shopping and leisure facilities offers a generally
better quality of life for residents.”
Lord Estates (020 7486 2321) have been
enjoying summer this year, and it's not down to the
weather.
"The market has been fruitful, bearing a large
number of sales exceeding £1 million.The main
complaint has been the unusually competitive
nature of the market, with few deals being jostled
over by many agents.
Very often the winner in this case is merely the
agent acting fastest.This has been compounded by
the lack of support from the Government in
implementing HIP's, continued interest rate
increases by the Bank Of England, and somewhat
negative media coverage. However, agents should
be proud that not only have they survived a more
volatile market, but remain successful in increasing
turnover of property sales”.
Recent sales support their claims. A 4th floor
apartment in Bryanston Court, on George Street,
with high ceilings and the much desired 24 hour
porterage, sold for £1.4m. Staying on George Street,
Portman Towers was cleverly constructed with wellplanned
layouts, balconies and further outside space.
With outside space commanding a premium in
London, a three bedroom apartment sold for £1.3m
and a two bedroom apartment for £1.1m.
As a buyer or seller armed with all this professional
inside knowledge, are you ready for your next move?
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