Mayfair is set to beat Knightsbridge as London’s top luxury property address as over £5bn worth of new plush homes are in the development pipeline in the area.
A report by luxury estate agents Wetherell and market intelligence firm Dataloft has found that there are 61 new residential development schemes planned for Mayfair, delivering an additional 401 private residential units and 1.1 million sqft of new residential space.
The reports highlights that currently Mayfair outranks Knightsbridge in both physical size and the size of its residential market. While Mayfair is 285 acres in size, providing 4,360 residential addresses, Knightsbridge is less than two-thirds the size, providing just over 2,500 residential addresses.
It also found that the best Mayfair properties will hit £5,000 per square foot during 2014, up £1,000 per square foot on the previous year, and will hit £10,000 per square foot within the next 10 years. In contrast, the best Knightsbridge properties currently hit £7,500 per square foot but a lower development pipeline should help facilitate Mayfair overtaking this figure.
Peter Wetherell, managing director of Wetherell said: “Mayfair will overtake Knightsbridge as London’s leading luxury residential address. The only reason that Knightsbridge has lead is because new stock has been built there such as One Hyde Park, The Knightsbridge and Trevor Square. In contrast, Mayfair, which was predominantly residential up until the 1890s, has been starved of new residential stock over the last 50 years.
“Now with some £5bn of new residential development in the pipeline, providing over 400 luxury homes, Mayfair is entering its most exciting decade over more than a century. Mayfair’s new residential stock will enable the district not only to just catch up with Knightsbridge, but also exceed it to become London’s top luxury address.”