Boutique Mayfair scheme snapped up, with all units under offer after just three months on the market …
Great Portland Estates plc on behalf of The GHS Limited Partnership (a 50/50 joint venture with the Hong Kong Monetary Authority) has fully sold its boutique residential scheme, 14 Brook Street, after it was on the market for just three months.
The ultra-boutique residential scheme is located in the heart of London’s Mayfair, and has been on the market since late August. With just six apartments available offering a mix of two- and three-bedroom configurations, by October 2020 all had been snapped up, with the agents seeing strong interest from both domestic and international buyers.
Prices at the development ranged from £4.75 million to £6.25 million. With some travel restrictions and local lockdowns in place due to Covid-19, a number of buyers reserved their unit based on video and virtual viewings alone – a trend that has taken off since the first lockdown began in March 2020.
As one of the first developments to launch on Bond Street for a number of years, the team believe the strong sales performance is an indication of a post-Covid trend.
Knight Frank, Head of Baker Street New Homes Priya Black says the speed at which buyers raced to secure a unit at 14 Brook Street consistent with what she’s seen at other developments that have launched over the last 10 months.
“With successful launches, timing is everything and we were fortunate with 14 Brook Street to be able to market and rapidly sell the new apartments during a ‘window of opportunity’ when restrictions were eased between the lockdowns last year. Since the housing market was reopened last May, new schemes that are offering something special or unique have performed exceptionally well, so it’s no surprise buyers were keen to secure their place in one of London’s latest new launches,” Black said. “Surrounded by world renowned designer fashion brands, Michelin Star restaurants and private members’ clubs, 14 Brook Street is a coveted London address with undeniable appeal. Mayfair remains the undisputed epicentre of luxury in London, combining a rich, fascinating history with an elegant, modern sensibility – qualities that have drawn buyers to this development.”
Peter Wetherell, Founder and Chairman of Mayfair agent Wetherell, added: “14 Brook Street is the first new development to provide homes overlooking Bond Street. It will be interesting to see if this is the start of Bond Street and the local area becoming a more residential address with more homes located above luxury boutiques. There are now more homes, 437, on Oxford Street than there are shops, 248. Buyers at 14 Brook Street are adroit and can see that there will be an uplift in residential values in the Bond Street area as electric cars, Crossrail and more pedestrianised areas bring dynamic change and make the address more residential in character and appeal.”
It’s not hard to see why buyers were keen to secure their own apartment at 14 Brook Street. Each residence delivers the very best in modern living, whilst preserving the magnificent character of the heritage property. From the state-of-the-art entertainment system to the bespoke kitchens and bathrooms, everything has been designed to the highest standard, while rosewood, oak, walnut, marble and bronze touches reinforce the standard of quality throughout