Mayfair experts Wetherell have sold a beautifully appointed two-bedroom lateral apartment on Mayfair’s prestigious Grosvenor Square, at a guide price of £10 million, after a flurry of post-Election sales.
It is the first time the apartment has been sold since its original construction in the 1960s, having been meticulously updated and maintained for the last six decades.
The Grosvenor Square apartment is situated on the fourth floor and provides 2,161 sq.ft. of elegant living space comprising of two bedrooms, each with a luxurious en suite bathroom, modern kitchen, and a large west-facing reception room with five classic sash windows overlooking the square.
The apartment also comes with a separate self-contained studio, ideal for visiting family or guests or as staff accommodation, and two secure underground parking spaces.
Wetherell notes that the buyer made an offer swiftly following the July General Election, with the deal exchanged at the start of September. The buyer was keen to capitalise on the rare opportunity to secure a lateral apartment at this sought-after address and sees it as a generational purchase.
Lately there has been a series of large investments reportedly made by Indian HNWIs in Mayfair and across Prime Central London in the last 12 months; this September, apparel business owner Harish Ahuja was reported to have invested in a £21 million Notting Hill home; last summer, billionaire Ravi Ruia was said to have invested in a £113 million mansion overlooking Regent’s Park; and vaccine-tycoon Adar Poonawalla is understood to have bought Aberconway House for a reported £138 million.
Wetherell also recently sold the former Grosvenor Square home of Countess Raine Spencer to a buyer of Indian origin.
This year Wetherell has seen Indian buyers as the most active overseas purchasers of Mayfair homes priced above £15 million, comprising around 25% of all international buyers, as wealth grows in the nation and HNWIs are keen to invest in global real estate, with London a preferred destination alongside Dubai and Miami.
India is due to witness the largest growth globally in the number of ultra high net worth individuals (UHNWI) at 50.1% in the next five years, with nearly 20,000 Indians expected to be worth more than $30 million by 2028. Often with multiple homes across the globe, 37% of the wealth of Indian UHNWIs is allocated to primary and secondary properties.
Peter Wetherell, Founder and Executive Chairman of Wetherell, said, “Despite the General Election, across our portfolio and particularly in Mayfair, buyers were proceeding as if it was business as usual and, in the weeks following the result, we had several large listings under offer in a flurry.
“Grosvenor Square is one of the world’s most renowned addresses, with a reputation in both London and internationally, and it is a rare opportunity to acquire a lateral home overlooking the square.
“This is the first time the home has been sold since its initial construction in the 1960s, a generational purchase passed down through family and well maintained; its fourth floor position affords enviable views over the famous square which is why it was chosen by the original owners.
“The new buyer sees it as a similar opportunity to secure highly valuable real estate for generations to come.”
Samson Pfeiffer, Sales Manager at Wetherell, added, “Over the last few years Grosvenor Square has undergone a transformation, with the new developments at No 1 and No 20 helping to revitalise the square and renewing global interest in this destination.
“The original purpose-built apartment blocks remain very sought-after with buyers seeking to put their own stamp on these homes.
“This apartment has been meticulously maintained and offered an exciting opportunity, which an overseas investors snapped up shortly after the election, following the growing and continuing trend of overseas investment in prime London real estate.”
For further information on the finest homes available to buy or let in Mayfair contact Wetherell on Tel: +44 (0)20 7529 5566 or visit www.wetherell.co.uk.
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