Mayfair Best Place In World For Property – Caudwell

London’s Mayfair is the ‘best part of the best capital in the world’ from a property development point of view, according to mobile phone and property tycoon John Caudwell.

Speaking to Spears Magazine as his own ultra-luxury Mayfair development progresses Caudwell suggests that Mayfair holds this lofty status as demand for high end property there exceeds the supply of developable space. He also suggests that Brexit will not affect the development potential in Mayfair, although any future Jeremy Corbyn government could.

Caudwell, via his development company, purchased Audley Square House, an adjoining car park and the vacant Ascott Hotel in 2015 for a sum believed to be around £155m. He is developing it with a nine story block of ultra luxury apartments which he intends will become a long-lasting Mayfair landmark.

The report says that the new Audley Square development is designed to be of similar quality and status as the Candy Brothers One Hyde Park development where Nick Candy’s £160m flat, said to be the most expensive in Britain, is located. It is expected to take 4-5 years to complete.

Caudwell’s comments serve as an interesting reminder of the fundamentals behind property development that even many successful developers forget – location, quality and surplus of demand over supply ultimately endure.

Source Spears
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