Beauchamp Estates and Wetherell have worked together to successfully let the £50 million glass houses scheme in Mayfair’s Down Street Mews, for a combined rental value of £17,000 per week, generating an income of £884,000 per annum, one of the largest and most significant ultra-prime rental achievements in Mayfair in the last few years.
Designed by a Mayfair developer and Richard McCarthy of architectural practice Scott Brownrigg, the luxury Down Street Mews residential project is located on a 0.6 acre site, cleverly designed so that it can either be configured as two separate four-storey houses or a single glass mansion, complete with outside roofgardens, balconies and an underground four car garage.
The landmark £17,000 per week rental figure was achieved by the agents letting the Down Street Mews scheme as two separate glass houses. Laura Hutton, Lettings Negotiator at Beauchamp Estates (Mayfair office), let one of the glass houses, which was not dressed, to a family from Germany. This house offers 6,964 sqft of living space and a 708 sqft roof garden. The house has four bedrooms, two reception rooms including an open plan family kitchen and breakfast area, passenger lift, private cinema and a spa floor with Hamman, sauna, steam room and changing facilities, complete with two underground parking bays.
Matthew Huybrechts, Lettings Director at Wetherell, let the other glass house, which was offered for rental fully dressed, to a young family from France. The dressed house provides 6,619 sqft of living space, with a 543 sqft roof garden and a 226 sqft patio. The house has four bedrooms, three reception rooms, family kitchen and breakfast room, study, passenger lift, private cinema, gymnasium and spa with lounge deck, swimming pool, sauna, steam room and changing facilities and two parking bays in the underground garage.
The Down Street Mews scheme was launched to the market by Beauchamp Estates at the end of September 2020 with the houses being offered for sale or rental, and as either two separate houses or as a single mansion. Beauchamp Estates has been involved in Down Street Mews from pre-construction of the houses all the way through to launch, advising on all aspects of the ultra-prime development including floorplan layouts, design and the dressing of the interiors.
Within just 12 weeks both houses have now been successfully let to tenants with the Beauchamp Estates deal being a 24 month tenancy, with an eight month break clause, and the Wetherell deal being a 24 month fixed (no break clause) tenancy, generating income of almost £70,000 per month for the developer client. Both tenancies are also ‘try before you buy’ so the new residents may become the owners of the townhouses.
Gary Hersham, Founding Director of Beauchamp Estates says: “Beauchamp Estates is delighted that the houses at Down Street Mews have been successfully let within 12 weeks of us launching the scheme to the market. The £17,000 per week rental figure achieved for the project is one of the most significant in the Mayfair lettings market in recent years and the premium rental values reflect the quality of the scheme and the facilities provided such as the private cinemas, spa and pool facilities and underground parking.”