Beauchamp Estates have completed a major £30.45 million super-prime deal, selling the 5,818 sqft duplex penthouse with roof garden, a neighbouring three bedroom 2,700 sqft apartment and a staff flat at Greybook House in Mayfair by developer Fenton Whelan, the trio purchased by a businessman from Abu Dhabi for use as a base in London.
Beauchamp Estates say that the penthouse and staff flat, listed at £21.5 million, and the three bedroom apartment, listed at £8.95 million will provide a perfect London base and pied-a-terre for the Emirati businessman who will use the penthouse as his Mayfair home and venue for hosting guests, with the neighbouring apartment and staff flat used for guest accommodation and staff.
Located between Claridge’s and Bonhams, Greybrook House is a Grade II Listed, six-storey Art Deco building originally designed by architects Sir John Burnett & Partners and built in 1929 as the London headquarters and showroom of world renowned piano manufacturers Bechstein.
According to Oxbridge Notes, The buildings’ iconic Art Deco design is immediately identifiable with the exterior finished in white Portland stone complete with sleek Deco style windows and at ground level detailed bronze doors. Award winning developer Fenton Whelan completely refurbished and modernised the historic building, transforming it into a new residential address whilst skilfully paying homage to its pedigree and taking design inspiration from Claridge’s façade and interiors opposite.
Beauchamp Estates have just published a new survey on super-prime home sales in Mayfair, for properties valued at over £10 million, which shows that the local housing market has boomed during 2023, with twice as many homes sold than in 2022, generating combined sales of over £450 million, quadruple the equivalent value of £123 million in 2022.
Analysing data from LONRES, the Beauchamp Estates survey reveals that during 2023 the Mayfair super-prime residential market has been driven by American, Indian and Middle East buyers, in particular from Saudi Arabia and the United Arab Emirates, who have purchased through Beauchamp Estates over £100 million worth of homes in Mayfair over recent months.
Beauchamp Estates reveal that due to demand from buyers from the USA, India and Middle East more super-prime homes priced above £10 million have been sold in Mayfair during 2023 than in any other Prime Central London address, with Belgravia, Knightsbridge and Hyde Park being the other leading addresses in PCL for ultra-prime sales.
Beauchamp Estates say that over 70% of the homes valued at over £10 million that have sold in Mayfair during 2023 have been large lateral apartments, on average 5,447 sqft in size selling for an average of £21 million (averaging £4,050 per sqft). During 2022 the average selling price for Mayfair apartments was £20.5 million (achieving £3,830 per sqft).
Although the number of houses valued at over £10 million sold in Mayfair in 2023 is down compared to 2022, the average selling price and unit size has almost double. During 2023 the average value and size of house sold in Mayfair has been £25.5 million and 10,976 sqft respectively, significantly up on 2022 when the figures were £14.5 million and 5,272 sqft respectively. The biggest house sale in Mayfair during 2023 was Aberconway House, a mansion which has just been purchased for a reported £138 million by an Indian billionaire. Beauchamp Estates say that these large houses have been acquired because purchasers have been buying houses for personal use, rather than investment.
James Van Den Heule, Co-Founding Director of Fenton Whelan says: “Fenton Whelan is delighted with this landmark deal agreed at Greybrook House, this luxurious apartment building is virtually sold-out now and it enables us to focus on other ongoing projects and new ventures.”
Gary Hersham, Founding Director of Beauchamp Estates says: “Beauchamp Estates is pleased to have closed this landmark sale at Greybrook House, one of the largest apartment deals done in Mayfair during 2023, managed by my colleague Yahya Swallem. The Greybrook House deal underlines how strong the Mayfair super-prime housing market has been during the last 12 months. Mayfair is currently the most sought-after address in Prime Central London for wealthy home buyers from around the world.”
Yahya Swallem, Senior Sales Consultant at Beauchamp Estates says: “The £10 million plus deals landscape in Mayfair has been dominated by American, Indian and Middle East buyers who have chosen to invest in London’s very best residential real estate which is a proven safe-haven and stable asset class. Mayfair is seen as the address of choice for global capital and remains arguably the most desirable location in Europe for multi-millionaires and billionaires to buy or rent a home and spend their time.”
