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Mayfair, which was originally called The May Fair, is an area of Central London located within the City of Westminster. Over the years this district has evolved into predominantly commercial use, with many former homes having been converted into offices for major corporations’ headquarters, embassies, hedge funds and real estate businesses. There does still remain a substantial quantity of residential property, however, as well as some exclusive shopping areas and Mayfair also has London’s largest concentration of luxury hotels and many restaurants. Rents are among the highest in London and the world.
Many high-end business owners jump at the chance to relocate to an office in Mayfair, simply because of the benefit of being housed next to many of London’s multi-million-pound companies as well as the kudos of a very prestigious address.
Recently a bridging lender announced that it has opened new offices in Mayfair which will be used for its sales and marketing team. Lancashire-based Mayfair Bridging, which launched in February 2008, has opened the doors of its new premises at 1 Berkeley Street, Mayfair, W1J 8DJ, but its head office will still remain in Preston, Lancashire.
The Mayfair office will also act as the base for a new product, which the lender intends to launch specifically for IFAs in the New Year.
Alex Goode, of Morgan Pryce, the London-based commercial agent, predicts that “the new offices acquired by Mayfair Bridging will help it to connect better with its London brokers” and also adds that while “offices in Mayfair come with a price, they sure do deliver”.
Due to the high demand for office space in Mayfair, Grosvenor has plans for another Mayfair development: a 40,000-square-foot office. The office will be at 18-20 Grosvenor Street and the company has appointed Sir Robert McAlpine to build it.
The project is worth about £20m and will include two retail units: at 18 Grosvenor Street and 20 Brook’s Mews. It is due for completion in early 2015 and will comprise six floors with floor plates ranging from 4,000 square feet to 7,800 square feet. The project is part of Grosvenor’s Mayfair office pipeline totalling 170,000 square feet, and which includes schemes on Grosvenor Street and two on Davies Street.
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 the tenant.