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
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.