British Land secures record price for Mayfair properties overlooking Green Park

Demand for views over Green Park from super wealthy investors has pushed the price of homes in Mayfair to a new high.

Property giant British Land today said it had sold 18 flats at an average value of £4750 per square foot — with a number of these going for more than £5100 a square foot, beating the previous record of £5000. The remaining homes, including the penthouses, will be marketed closer to the time of completion in 2017, with experts suggesting these could set new records when they are sold. In total there are 34 apartments.

The apartments, sold off plan, are part of an office development which will open in 2016 in Clarges Street, just off Piccadilly and a short walk from the Ritz. The scheme is also close to a luxury development at the former In and Out Club at 94 Piccadilly.

British Land, better known for developing large scale offices in the City and running giant regional shopping malls, sold the 18 apartments for £210 million which is nearly 50% of the total cost of developing the residential part of the Clarges Street scheme.

Chris Grigg, chief executive of British Land, said: “Clarges Mayfair is a great example of what we do well — investing in the right places and creating environments where people prefer to live and work.”

The previous Mayfair record was a penthouse on Mount Street which sold for £5000 a square foot last year.