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A recent report has confirmed, what many operating in London’s property market have known for some time: that Mayfair square footage continues to be some of the most expensive in the world: where £1m may only get you a studio apartment.
The prices that the wealthy are prepared to pay for West End residential properties is significantly more than landlords can obtain from commercial tenants. Therefore, the conversion of office space to residential use has surged ahead in recent months. Other areas of significant and continued increase in value are Fitzrovia, St James and Tyburnia.
The report, by Wetherell, demonstrates that the average cost of a new residential development in the West End is around £1.18m, an increase of 25% over the last 12 months.
Sally Brough, Associate Director at Morgan Pryce, comments, “These figures show that Mayfair continues to take top place when it comes to property prices, in particular residential ones. The average asking price is £1,824 per square foot but this can increase to up to £4,500 per square foot in highly desired properties. The conversion of office space to residential doesn’t appear – for now at least – to have had a negative impact on prices in this area.”
The nearby areas of St James and Marylebone can also command prices as high as £1,527 and £1,209 per square foot each.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.