One of the biggest lettings deals of the year so far has been agreed on a townhouse in Mayfair.
The Grade II listed behemoth opposite Corrigan’s on Upper Grosvenor Street, offered via Knight Frank at a whopping £27,500 per week, has been snapped up on a long let, which would effectively put the annual cost of rental – at the asking – at just over £1.4m, or around £120k a month.
That’s top whack of course, but rental properties don’t come much better than this.
Dating back to 1732 and sprawling across nearly 15,000 square feet, the Portland stone-fronted six-storey affair has 12 bedrooms, a monumental first floor reception, dining room, study, private terrace, staff accommodation and a particularly successful basement leisure complex, complete with swimming pool, Jacuzzi, gym, sauna room and home theatre.
Well-publicised hikes in transaction taxes have made the idea of letting a super-prime property significantly more appealing for HNWIs in recent times. Boutique agency Tunstall Property has reported tucking away some huge deals over the 12 months or so – including long lets on a five-bed apartment in One Hyde Park guided at £45,000 per week, a detached 8-bed Chelsea house with pool and parking guided at £40,000 per week, and a detached seven-bed villa in Holland Park backing directly onto the park, guided at £25,000 per week.
Writing in PrimeResi earlier this month, top-end property consultant Simon Barnes said “savvy developers and sensible vendors are increasingly taking a decision to offer their properties to the rental market for a two to three year term rather than reduce the asking price and lay themselves open to accepting an even lower offer”, adding; “The advantage being that over a limited term they can achieve exceptional rental revenue, whilst retaining their property asset and relaunching on the market at a later time when the PCL super-prime market looks promising. It really is the common sense approach to wait until the market shows a positive change assuming no forced sale is involved.”
Original listing here
Further Reading: The rise of the ‘super-let’ in Prime Central London