British Land is clearly having no trouble shifting units at its new super-prime development in Mayfair.
Only those on the firm’s “exclusive list of known potential buyers” were given the all-important heads up, and they’ve responded accordingly, paying an average capital value of £4,750 per square foot and setting new price records for Mayfair in the process. It’s thought the £5k per square foot threshold may well have been breached by the penthouse.
Bringing in £210m, these 18 exchanges alone represent close to 50% of the total gross development value of the private resi element of the scheme.
British Land says the early success is all down to the scheme’s unrivalled position (close to Bond Street and overlooking Green Park and Buckingham Palace), and the quality of its design, which “sets a new international benchmark for residential development in London”.
The building was designed by Squire and Partners architects and Martin Kemp Design are leading the interior design for the apartments. The total cost of the development (excluding land and interest) will be around £228m.
Work began on site earlier this year; the office element will be ready in mid-2016, with the resi element completing in 2017.
The 34 apartments will be spread over ten floors and range in size from one to five bedrooms. There’ll be a gated mews with secure drop off, a private wellness spa including a 25m swimming pool and fully equipped gymnasium, sauna, steam and treatment rooms, a private cinema room and “full lifestyle services”.
The site was acquired by British Land in 2012 for £129.6 million, with the firm subsequently bagging revised planning consent to ramp up the high-end resi element of the scheme from 63,000 square feet to 93,500 square feet. The revised scheme also includes 47,800 square feet of high quality prime office space and 14,800 of retail and leisure. The Kennel Club of Great Britain – whose HQ was centrally located within the site – has been provided them with a brand new base next-door.
Chris Grigg, CEO of British Land: “Clarges Mayfair is a great example of what we do well – investing in the right places and creating environments where people prefer to live and work. We have used our core development skills to increase significantly the value of the scheme creating a landmark building for this important area of London and further enhancing our presence in the West End.”
Tim Roberts, Head of Offices and Residential: “Clarges Mayfair offered us a rare opportunity to develop an exceptional product in a premium location and we are delighted by the level of interest we are seeing. Demand has been very strong from both UK and overseas buyers, demonstrating both the strength of the premium residential market, and the enduring appeal of developments of this quality.”
There’ll be a full marketing campaign for the remaining units closer to completion.clargesmayfair.com