Clarges Mayfair breaks price record
By Khaleej Times
Filed on December 9, 2015 | Last updated on December 9, 2015 at 09.18 am
Five of the apartments sold broke the previous price-per-sqft record for Mayfair.
British Land’s Clarges Mayfair project received overwhelming response from international property buyers as the developer only released 10 units at the beginning but ended up selling 22 on strong demand.
Knight Frank in its latest research report “Global Development Report 2015″ listed Clarges Mayfair as one of the top influential developments in Prime Central London.
“We see growing interest from Dubai and the Middle East. A handful of buyers is based in Dubai for 22 apartments sold,” said James Taylor, project director at British Land.
Five of the apartments sold broke the previous price-per-sqft record for Mayfair. The apartments that broke record prices for Mayfair (over £5,000 per sqft) are located on floors four and above.
“Interestingly for British Land, when monitoring where the interest is coming from, with specific reference to the Middle East.. while there are still some families where the buying power and wealth is held by the eldest most senior people in the family, they have seen the wealth coming from the Middle East becoming younger – some in their 20s, 30s, early40s – have been looking to purchase,” Taylor explained.
The construction of Clarges Mayfair is well under way and it will reach full height soon. British Land aims to hold back remaining units until the scheme is closer to completion with a show apartment to view. The entire development of Clarges Mayfair will be completed in mid-2017.
Twenty-two of total 34 apartments sold for a total of £259 million that equates to more than 50 per cent of the total GDV of the scheme. There are two spectacular penthouses located on the top floor – both duplexes, spread over the ninth and 10th floors with further roof terrace.
One penthouse measuring around 5,000 sqft has already been sold for a record price. The remaining penthouse, which measures over 8,000 sqft, remains unsold. It is likely this won’t be sold until the development is completed and dressed so potential purchasers can get a sense for the scale of the space and the views, and exceptional terraces which are set to be the largest in Mayfair.
British Land is one of Europe’s largest publicly-listed real estate companies. Total assets owned or managed by British Land in the UK are worth around £17.8 billion.