There is widespread agreement among city planning specialists about what constitutes the optimum populated residential environment. The qualities to be possessed include a diverse population, well connected public transport, a mixture of land uses, density and scale, accessible open areas, cultural values, and a robust local economy.
The beautiful neighborhood of Mayfair, in prime central London, represents the optimum environment detailed and has recently recovered and secured the crown as the number one address in London from Knightsbridge.
Providing absolute excellence in facilities, properties, and entertainment, Mayfair embodies all aspects of the ideal town. With land use split evenly across office space, retail space, and residential space, the community has an entire lifestyle on their doorstep. Careful preservation maintains this balance and lifestyle for the residents and visitors of the area.
EXCLUSIVE NEIGHBORHOOD SET FOR SUBSTANTIAL TRANSFORMATION
Over the most recent decades, Mayfair has faced a restriction to the allowed number of property developments, limiting it to 30 new homes to be built a year to ensure its protected heritage. However, it is now time for the neighborhood to face another challenge, attempting to exude modernity, while also maintaining its heritage – hence, an extraordinary and well-structured change is in order.
The change is already in progress, with eight property developments underway and a further 21 schemes in the pipeline. Mayfair is set to have a busy, yet exciting five years as they aim to sustain their crown for the top residential spot in London and be viewed as a popular destination for globetrotters.
Supply and demand in the current housing market across the UK makes new properties more crucial than ever before. This necessity is why Mayfair aims to construct 160 new properties with the eight developments currently in progress, offering an average floor size of 2,700 sq ft and just under half providing one or two bedrooms. These installations will provide the district with 530,000 sq ft of new residential land, losing 480,000 sq ft of office space.
Developers involved in the projects include Caudwell, Clivedale, Luxlo, British Land plc, Native Land, and Finchatton. Should circumstances fit, a further 21 schemes in the pipeline could provide Mayfair with an additional 410 new homes, with the same floor size as the current plans, making it the largest floor size available in London – with over half of the apartments containing one or two bedrooms. These new expansions could present a further 1,300,000 sq ft of residential space to Mayfair and reduce office space by 650,000 sq ft.
These impressive improvements to the community will support Mayfair in its endeavor to provide a modern living environment, all while sustaining cultural diversity and heritage. It also allows the chance to hold the crown as the number one location for wealthy investors around the world to buy residential property in London, since Mayfair can assuredly compete with Knightsbridge and the profusion of projects they were able to complete over the last decade. The most notable developments include One Hyde Park, which provided 86 new apartments in 2010, The Knightsbridge, presenting 291 flats and a few penthouses in 2006, and finally, Trevor Square (completed in 2002), offering 40 new homes to the market.
RESTORING THE FORMER GLORY OF FAMOUS SQUARES
In addition to the exciting developments taking place and planned for the next few years, Hanover Square and Grosvenor Square are also set to receive a transformation. Two of the original and most famous squares have a proposal in place to restore the former natural grace and allure of the open spaces, with the intention of designing a secure, green, and welcoming space for residents.
With a promising evolution ahead, Mayfair can be confident it will continue to charm families, couples, and singles alike, and prevail as a highly sought-after place to live and visit.