It’s quite a dilemma but a very interesting one in terms of lifestyle, price and atmosphere. Being spoilt for choice, should you opt for the centrality of Mayfair or the garden squares of Knightsbridge? Guy Meacock, head of the London office of buying agency Prime Purchase, says,
“Mayfair and Knightsbridge are broadly the same, although Mayfair feels more contained and uniform because the Grosvenor Estate manages large parts of it, whereas Knightsbridge is more disparate and spread out.
“Mayfair has undergone a rebirth in the past decade. It had lost its shine, becoming a place to work and lacking the luxury residential offering that it now has. Changes to infrastructure, higher rents on Mount Street, a better retail offering and commercial premises of a higher standard have been followed by luxury flats and an uptick in quality from individual developers.“A lot of international money is coming into Mayfair, with buyers from overseas seeking a trophy address. The advantage for these buyers is that it is not a new and emerging area but recognisable and world-renowned. Areas such as Bond Street, Grosvenor Square and Berkeley Square are well known and synonymous of a time of great wealth and luxury. Going forward, for the first time in many years we are seeing a substantial number of newly-developed units with schemes such as 20 Grosvenor Square, where the developer is looking for a blended average of £5,000 per square foot.
“Knightsbridge is slightly less contained and more spread out, with most people not sure where it begins and ends. The Knightsbridge most people recognise is really the area around the tube – One Hyde Park and Harrods. But there are some delightful parts where you can escape from the hustle and bustle but are still within walking distance of the amenities.”
As for pricing, Joe Burns, co-founder and managing director of Oliver Burns, a super-prime development and design practice, advises that, at present, Knightsbridge and Mayfair are roughly on a par when comparing price per square foot, although this was not always the case.
“In the past, Knightsbridge was considered more of a super-prime hotspot,”
he says.
“However, Mayfair has closed this gap with developments such as Walpole Mayfair, 77 South Audley Street and Clarges Mayfair all achieving new record highs at the time of their sales.
“While Knightsbridge has a larger stock of residential properties available, factors such as the gentrification of Mayfair, the resurgence of residential space from commercial space and the strong pipeline of new homes currently being developed means there is likely to be a shift to a higher number of available property in the area. Looking at the historic growth in both Knightsbridge and Mayfair over the last decade shows that Mayfair has stolen the crown in leading the market, with new record-prices being set multiple times. Knightsbridge, on the other hand, seems to have peaked with One Hyde Park.”
Camilla Dell, managing partner at independent property buying agency, Black Brick, has noticed an increasing trend of buyers leaving Knightsbridge and preferring, instead, to buy in Mayfair.
“There are several reasons for this,”
she explains,
“prices in Knightsbridge have been astronomically high now for a very long time and it is now the part of London that is coming down in price the fastest; Knight Frank reports over a 6% drop in price in Knightsbridge over the last 12 months, which is more than any other part of London.
“Mayfair, on the other hand, has actually seen positive price growth of 3% over the last 12 months, demonstrating that is a much more resilient market. Mayfair has risen in popularity over the last few years as streets, such as South Audley Street, have benefitted hugely from investment from the local council. A large number of new designer shops, trendy restaurants, and private members’ clubs have all moved into Mayfair, and these, combined with some luxury new build developments such as 20 Grosvenor Square, all make Mayfair a much more desirable and up market destination compared to Knightsbridge.”
Chris Lanitis, director of Amazon Property, reports that he has seen renewed interest in Mayfair since a multi-million pound programme to revitalise Regent Street by the Crown Estate. Offices have been converted into new homes, and homeowners have everything they need on their doorstep – from shops, restaurants, art galleries and theatres.
“There is a sense of grand English gentleman about Mayfair which attracts a certain crowd,”
says Mr Lantis,
“often culture vultures, fashionistas and gastronomists. Knightsbridge offers a slightly different lifestyle and has garnered the attention of Gulf investors. In the summer you can’t move for rows of fast cars in Knightsbridge, while Mayfair has retained a sense of self-possession.”
Green Street, Mayfair, W1K
This three-bedroom duplex apartment of 2,413 square feet has a long lease and access to the secret garden of Mayfair. Featuring high ceilings throughout, it has been thoughtfully redesigned and includes an entrance hallway and a large reception room with elegant double doors which open on to the private communal gardens.
A large kitchen/dining room to the front of the property spans two windows wide and overlooks Green Street. The lower ground floor comprises a spacious master bedroom suite with a south-facing terrace and two further bedroom suites.
£7.5m / €9.75m / $10.71m Wetherell +44 (0)20 7493 6935
sales@wetherell.co.uk
Maddox Street Collection Penthouse, Mayfair, W1
Split across two floors, this four-bedroom duplex penthouse features an outdoor terrace offering a spectacular view of the iconic department store Liberty’s. Once an office building, it has been converted into a collection of five homes. This penthouse is the jewel in the crown and has been designed with spacious, open-plan living areas and floor-to-ceiling windows. Spread across 2,142 square feet, interiors feature Calacatta Michelangelo marble, pocket doors with antique bronze ironmongery and oak.
£5.95m / €7.4m / $8.5m Amazon Property +44 (0)20 7383 5952
enquiries@amazonproperty.com
Firmly on the side of Mayfair, Simon Barnes of H. Barnes & Co comments, “Historically it used to be that buyers would only consider one or the other, but less so now that there has been a resurgence in the desire for bigger houses. However, it’s very much the case that Mayfair is now the beating heart of Prime Central London – compared with the slightly soul-less Belgravia and Knightsbridge which has become rather tacky and touristy. In contrast, Mayfair is buzzy and has a definite village feel and atmosphere attracting hedge fund managers and private financiers as well as discreet designers and professionals from home and abroad.
“Covering what is in fact a very small area, in which independent shops, boutiques, stylish hotels, bars and restaurants are peppered, there are far fewer houses available to buy in this prime residential pocket, creating a huge imbalance between supply and demand. It’s worth bearing in mind that in Mayfair far fewer houses are similar, unlike those found in Knightsbridge, consquently values are harder to work out because there is less ‘like for like’ and far less turnover.”
Jamie Hope at Maskells estate agents adds his thoughts,
“In my opinion, the real difference is lifestyle; whereas Mayfair would be considered more central London and closer to the amenities that central London has to offer, Knightsbridge is considered to offer more ‘green and leafy’ living. Both areas offer a plethora of lifestyle amenities so the location of a purchase often boils down to personal preference. We find that buyers will come to us looking for a property in either Knightsbridge or Mayfair. Many buyers will look at Mayfair but find that Knightsbridge generally offers addresses that are more discreet with more scenic views.
“In terms of future prospects, there is a limit to the amount of new stock coming to the market due to the fact that the vast majority of land has been built on. This ensures that prices in these areas are maintained, making them excellent areas in which to invest.”
And the last word goes to James Robinson, director, Lurot Brand, who very fairly comments,
“Mayfair and Knightsbridge are so very similar in price and architecture that both are the preferred areas for rich Russians and Arabs to invest in. Mayfair fetches more but neither would be as desirable without the other; you could say they feed off each other.”
Montpelier Place, Knightsbridge, SW7
Close to Harrods, this Grade II listed terraced house is in the heart of Knightsbridge Village. The property has recently undergone a full scheme of modernisation with beautiful hardwood floors throughout the ground floor, bathrooms by Starck and a Hacker kitchen. It has four en suite bedrooms and features a south-facing garden and a roof terrace.
£5.13m / €6.68m / $7.34m Maskells +44 (0)20 7581 2216
Egerton Terrace, Knightsbridge, SW3
Elegant Grade II listed stucco fronted house on one of the most sought after streets in Knightsbridge. Set back from the road and approached via a landscaped front garden, the houses were built in 1840 and have the advantage of having rear gardens which back on to the gardens of Egerton Crescent. The house has been refurbished to a high standard and includes a kitchen, dining room, reception room, TV room, study, master bedroom with en suite bathroom, three further bedrooms, two further bathrooms and two hallway bathrooms.
£12.95m / €16.86m / $18.5m Aylesford International +44 (0)20 7351 2383
Harriet Walk, Knightsbridge, SW1X
Recently refurbished to a high standard, this superbly located mews house offers plenty of room for entertaining. The previous owners have remodelled the house from top to bottom, making clever use of all available space whilst working hard to retain its original charm. Further modifications could also be carried out to re-instate the garage and provide secure off street parking if wished. The property includes a reception room, kitchen/dining room, sitting room, master bedroom, dressing area, en suite bathroom, two further bedrooms, two en suite shower rooms and a separate shower room.
£4m / €5.21m / $5.71m Lurot Brand +44 (0)20 7590 9955
sales@lurotbrand.co.uk
