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SPRING 2015The MellierDuplex penthouse and four luxury apartments designed by Eric Parry.

The PenthouseThe Mellier5,285 sq ftDuplexPrivate roof terraceP.O.A

FOREWORDResearching an article for the 30th Anniversary issue of The MayfairTimes, caused me to contemplate how values have changed since 1985I have just re-read the inaugural edition and what amazed me, (apartfrom the ludicrously low prices the properties then achieved), was thespeed of the transactions. In the summer of 1985 in the space of 3weeks Wetherell sold £2 million worth of property in 11 transactionsand the average time to exchange was 10 working days and this wasbefore the advent of facsimile machines and email.In those days a one bedroom flat sold between £85,000 to £150,000and a two bedroom between £150,000 and £275,000. Take a twobedroom apartment in Balfour Place.. In 1968 it was worth £20,000 risingto £225,000 by 1985. It is now worth over £2 million and a maisonette,like the one shown on page 27, at over £5 million.1985 also saw the launch of a development of six flats at 51 Mount Streetat £285,000 each with new 75 year leases. Wetherell are currentlyselling the same now on a 46 year lease for £4.25 million. (see page 32).Lastly a mews house of note inThree Kings Yard (named after a pubthat stood at its entrance) which had parking and sold for £175,000.Wetherell are now selling a very modern refurbishment of the samehouse but now freehold at £3.95 million (see page 34).So how do I vIEW the future?I believe that the next 10 years will be the most exciting decade forMayfair in nearly a decade. In the passage of time we will look back tothe number of residents in Mayfair increasing by 25%, the opening ofCrossrail, the exiting of the Chancery of the United States of Americaand the restoration of Grosvenor Square as London’s No.1 address withthe re-invention of its garden square.It really is an exciting time for Mayfair and I intend (as usual) to be aleading advocate for the area and when it necessitates to fight for itscharacter and heart.Peter WetherellFounder & Chairman of WetherellPeter Wetherell Founder & Chairman of WetherellcontentsReeves Mews and The Bentley Boys....................................................................8Grosvenor Square..........................................................................................................10Arlington Street................................................................................................................14Window shopping..........................................................................................................22The fascinating history of Balfour Place.............................................................26Park Lane..............................................................................................................................28Mount Street Report....................................................................................................30Development Report...................................................................................................36The Story of Mayfair.....................................................................................................40Mayfair's secret tropical garden.............................................................................46Wetherell Lettings..........................................................................................................48The best of 2014.............................................................................................................50Why Wetherell................................................................................................................52DISCLAIMERThe Wetherell Portfolio Spring 2015 has been produced for general interest only. It is not definitive. It must not be reliedupon in any way for financial or investment advice. Although high standards have been used in the preparation of theinformation, analysis and views presented in the report, no responsibility or liability whatsoever can be accepted by itspublisher Wetherell for the content. We make no express or implied guidance of its accuracy. The research statistics quotedin the report are the sole ownership and copyright of the estate agents, firms or organisations cited. As far as applicable lawsallow we do not accept responsibility for errors, inaccuracies or omissions, nor for loss or damage that may result directly orindirectly from reliance on its contents. Readers should not take or omit to take any action as a result of information in thereport. Reproduction of this report in whole or in part is not permitted without the prior written approval of the author.EPC`s for featured properties are available on request. ©Wetherell 2015| 5 |

WETHERELL SALESFARM STREET, MAYFAIR| 6 |

It was to here during the 1920s and 1930sthat Mayfair high society flocked.The so-called “Bentley Boys” would racetheir sports cars around Berkeley Square(then nicknamed “Bentley Corner”) watchedby adoring crowds. Fast forward to todayand Berkeley Square now has Morton’s Club(founded by Ferrari Driver Peter Morton) andthe Bentley motorcar showroom at number18, founded by one of the “Bentley Boys'”own; Jack Barclay.The redevelopment project by FentonWhelan has taken more than two years, witha new lower ground floor and brand newinteriors constructed with the finest materialssourced from around the world. Set over fourfloors, period features have been combinedwith glamorous 1920s décor, creating a housethat sets the standard for elegant Mayfair living.The architectural centrepiece of the residenceis a stunning spiral staircase that soars fromlower ground to the top floor surmounted bya glass cupola from which hangs a spectacularthree storey drop chandelier, custom-madefrom bohemian crystal.For more information contact Wetherell onTel: 020 7529 5566"...period features havebeen combined withglamorous 1920s décor,creating a house thatsets the standard forelegant Mayfair living..."The Bentley boysTwenty rich socialites whodrove Bentley sports cars tovictory at the Le Mans races of1924 and 1927Peter Wetherell, Chief Executive ofWetherell says: “The “Bentley Boys” ofthe 1920s and 30s are the stuff of Mayfairlegend. Their lifestyle and Mayfair hauntsevoke the glamour and style of a refinedbygone era. During that time the mewsof Mayfair used to roar with the “BentleyBoys'” racing cars. Now, some of those samemews houses are being transformed intoMayfair’s most outstanding residences. Builtand meticulously designed by ultra-primespecialist Fenton Whelan, 43 Reeves Mewsis the most luxurious newly-built housecurrently on the Mayfair market. With itsperiod features and glamorous 1920s décorand detailing, this house has set a newstandard for elegant Mayfair living.”FOR SALEReeves MewsCinemaGymnasium12-seater formal dining roomRooftop TerraceStaff QuartersIntegral GarageWine StoreTop floor club room31ft main reception roomFamily kitchen with Gaggenau appliances| 9 |

Adecade ago, prices and pound persquare foot values in GrosvenorSquare lagged behind those of theneighbouring Eaton and Cadogan Squares.Ten years on, the picture is very different.With values having already surpassed thosein Eaton and Cadogan Squares and thrillingdevelopments in housing stock underway,the next ten years holds a lot of promise.THE EVOLUTION OF THE SQUARESSquares, plazas and piazzas are a significantfeature in many world cities and London is noexception. What is different is that the majorityin London are garden squares. Originally builtas private communal open space ‘gardens’ foruse by the inhabitants of surrounding houses,12 such squares exist across central London, alllocated in highly desirable residential locations.Not all are ‘square’, or even ‘rectangular’ andsome are paved whilst others are leafy green.What is apparent is that these squares and thehousing that surrounds them, have weatheredthe city’s evolution and will continue to do soas it continues to transform.GROSVENORSQUARE, THENEW "JEWEL INTHE CROWN"?The second largest of all London squares,Grosvenor Square was built, and is whollyowned, by the Duke of Westminster. Buildingbegan in 1721 when the Grosvenor familydeveloped the main part of Belgravia andmany of the original houses on the 2.5hectares square were rebuilt to incorporateextra storeys in the later 18th and 19thcenturies. Widely regarded as one of the mostfashionable addresses to live at in London,and once home to several UK prime ministers,many of the original houses have beenreplaced with embassies and hotels and themajority of the 34 residential units are neo-Georgian style blocks of flats. Known as ‘LittleAmerica’ since the first US Ambassador, andfuture 2nd President of the US John Adamsmoved here in 1775, statues of Eisenhowerand Roosevelt adorn the square.| 10 |

GROSVENOR SQUARESALESGrosvenorSquare£18 million| 12 |

102 MOUNT STREET, LONDON, W1K 2THLETTINGS – 020 7529 5588RENTALS@WETHERELL.CO.UKLETTINGSGrosvenor Square£4,500per weekLETTINGSGrosvenor Square£2,300per weekLETTINGSGrosvenor Square£2,000per weekLETTINGSGrosvenor Square£1,500per week| 13 |

a room with a viewSo whats the value of a view, and anultra-prime location? Answer: £17.5million, which is for a magnificentfive bedroom lateral apartment locatedabove the famous The Wolseley restaurant.Located in St James’s, one of the capital’smost sought-after addresses, theapartment overlooks ArlingtonStreet and Piccadilly and is directlyadjacent to the world famous TheRitz Hotel, with the double drawingroom offering views directly onto thehotel. With its iconic Belle Époque façade,The Ritz Hotel which opened in 1906, isarguably London’s most glamorous andAboveTheWolseleyluxurious five-star deluxe hotel. Founded byCésar Ritz, the hotel holds a Royal Warrantand has for generations been frequented byroyalty, business tycoons and the rich andfamous. Complete with comfort cooling, thehigh ceiling apartment that overlooks TheRitz Hotel provides the perfect settingfor grand entertaining with a spaciousentrance hall, a magnificent westfacing31ft long drawing room,a formal dining room and a largekitchen and breakfast room.The dual aspect master bedroom suite isthe size of a conventional one bedroomFOR SALEArlingtonStreet£17,500,000Lateral Apartment5 BedroomsStaff Accommodation24hr Uniformed Porter4,000 sq ftLeasehold – 999 years remaining| 14 |

ArlingtonStreet4,000 sq ftapartment and has twin walk-in dressingrooms with bespoke fitted wardrobes andluxurious his & hers ensuite bathrooms.The apartment sits on the upper floor of amagnificent Grade II listed six-storey ItalianRenaissance-style building at 160 Piccadilly,originally built in 1921 for Wolseley MotorsLtd. The luxury car brand commissionedleading architect William Curtis Green todesign a prestigious car showroom andheadquarters, the result being a spectacularbuilding, faced with Portland stone, withVenetian and Florentine detailing andlavish interiors.The cars were displayed on the marblefloors of the building and cost up to £1,300;a fortune at the time. However, in 1926 thecompany went bankrupt, trumped by rivalssuch as Rolls Royce and Bentley. Barclays Bankthen acquired the site, followed by restaurantentrepreneurs Chris Corbin and Jeremy Kingwho in 2003 opened the prestigious, wellknownWolseley café-restaurant.With its views onto the world famousRitz Hotel, this is one of St James’s mostprestigious luxury apartments, benefiting froma triple A prime London address. Londonapartments rarely come with more high-statusneighbours – The Ritz, The Wolseley,Le Caprice, Wiltons, Bond Street,Buckingham Palace, Clarence House andGreen Park are all on the doorstep.The apartment provides an abundance ofluxuriously appointed lateral living space andthe views from the reception room ontoThe Ritz are breathtaking and priceless.For more information contactWetherell on Tel: 020 7529 5566WolseleyMotors LtdWolseley Motors Limitedwas a British motor vehiclemanufacturer founded inearly 1901 by the Vickersarmaments combine inconjunction withHerbert Austin.| 15 |

50CHARLESSTREET| 16 |

FOR SALE50 Charles Street£15,000,000Grade II Listed Georgian house34ft Private garden4 Bedroom suitesStaff accommodation5,426 sq ftFreehold| 17 |

GREEN STREETPENTHOUSEFOR SALEgreen street£7,500,000Triplex penthouseRoof terrace with summer kitchenGarden view2,265 sq ftLeasehold 118 years remaining| 18 |

PARKSTREETfor salepark street£7,495,0004 Bedroom townhouseSleek modern interiorCinema2,648 sq ftFreehold| 19 |

A private development byA private development byA private development by| 20 |

Wetherell are proudto present a selectionof the worlD'sfinest properties,handpicked byPeter Wetherell| 21 |

Window shoppingChanges in how people shop and boutique developments are transforming the marketand value of homes above shopsChanges in the way Londoners shop and a risein new boutique mixed-use developments aretransforming the supply, desirability and assetvalue of Mayfair and West End homes located aboveshops, finds new research from Mayfair and West Endproperty specialist Wetherell.Wetherell highlights that across prime central Londonflats located above shops were not viewed as desirableplaces to live. Historically, flats above shops in Mayfairwere worth 10 percent less than regular adjacent homes.Now, however, new boutique developments are beingbuilt across London’s West End, offering apartments builtabove luxury retailers, smart signature restaurants andchic cafés. Wetherell calculates that this new generationof flats above luxury brands can sell at a 10 percent pricepremium compared to regular adjacent homes.Across London’s West End Wetherell highlights thatthere are three different types of building containingflats located above shops. The first type are Georgian,Victorian and Edwardian properties which have smallshops, pubs and cafés on the ground floor with flatsabove which were originally built for shopkeepers,artisans and other tradespeople. Until five years ago,these West End properties were worth 20 percentless than regular homes.The second type are flats constructed above largesupermarkets and mega stores across inner Londonwhich were constructed and popular over the last tento five years ago. A 60,000 sq ft store can have 250apartments above and behind it. Wetherell highlightsthat more than 4,500 of these type of homes have beenconstructed across inner London over the last decade byPerfect Apartment living spacesalesAvery Row£999,950| 22 |

salesDuke Street£7.95m3 beds3,466 sq ftthe UK’s top five grocery chains. Across London’s WestEnd around 300 of these types of home have been builtsince 1994. Smarter than their Victorian counterparts,flats above supermarkets have tended to be worth justfive percent less than regular homes.Over the last few years there has been a sea change in theway Londoners shop driven by the internet, the rise in homedelivery and work patterns. Instead of travelling infrequentlyto large supermarkets, shoppers are going online and havingheavy goods home delivered. For everyday conveniencefood, Londoners are shopping more often, buying smallerquantities locally.This has led to a shrinking of retailspace, the closure of large superstoresand a rise in demand for local shopsand exclusive outlets. These changeshave led to the development ofthe third type of flats above shopbuildings. This third type consists ofnewly built premium apartments inboutique developments which arelocated above smart local shops, luxury retail outlets,signature restaurants and chic cafés.Wetherell signals that there are now 447 new homes inthe development pipeline in Mayfair, of which 50 percent(around 200 homes) will be built above local retail outlets,luxury brands and smart signature restaurants. Theseboutique developments typically contain 25 apartments.Examples include Clarges Mayfair on Piccadilly,providing 34 ultra prime apartments; a scheme of32 apartments above a restaurant at 60 Curzon Streetand 42 flats above a retail project on Old Burlington Street.Wetherell calculates that this new generation of flats"...of 447 new homesin the developmentpipeline, 50% will beabove luxury brands."above shops will sell at a 10 percent to 20 percent pricepremium compared to regular adjacent homes and if theflat is of super-prime quality and above a really famousluxury brand the premium can be as high as 100 percent .This is because of the quality of the homes, and the cachetprovided by the luxury brands and super-smart outletslocated below.Wetherell highlights that Mayfair apartments average £2.5million, so a price premium or discount of 5 percent or10 percent due to the type of retail outlet below makes ahighly significant difference to the value and saleability of anapartment in this valuable marketplace.Peter Wetherell, Chief Executive ofWetherell says: “Historically therehas been a premium for living in anentirely residential building. Therewas also a stigma attached to livingabove a shop, often due to worriesabout noise, cooking smells andtheir connections to shopkeepersrather than affluent Londoners. Now,however, a new generation of boutique developmentsare being built across Mayfair and the wider West Endwhich offer homes located above luxury brands. Buyersno longer see these homes as being above retail, insteadit is a lifestyle offering and something desirable and chic,hence the transformation in values in the aboveshop sector.”Peter Wetherell continues: “Mayfair and the West Endhas a very significant proportion of buyers from overseas.Buyers from Paris, New York, Singapore and Mumbai areused to living above retail. This means that even olderVictorian and Edwardian properties with flats abovelettingsClaridge House£1,600per weekApartmentwith aview| 23 |

lettingsSouth Audley£1,500per weekModernlivingshops now sell at just a 5 percent to 10 percent discountto regular homes, compared to a 20 percent discountover five years ago.Wetherell adds that living above a shop has advantages.An apartment above a designer clothing shop or jewellerbrings with it cachet and also means no overnight noisefrom neighbours, as well as a level of security during theday and floodlit and alarmed/CCTV premises at night.The above-the-shop apartments are also often largerbecause the retail premises are built on wider and deeperfootprints compared to residential properties.However, Wetherell advises that buyers looking forhomes above shops must choose their streets and outletsvery carefully. Buyers should avoid noisy pubs, bars andsmelly fast-food restaurants and take-aways and look tobuy above premises which have a strong brand or whichare well established and successful. Across London’s WestEnd there are some 295 properties located abovetake-aways, fast food outlets and other restaurants,which all need to be approached with caution advisesWetherell. This is because retail premises in the UK arezoned into categories: fast-food, retail and restaurant, yetplanning permission can be sought for a change of categoryby a retail operator. This means that it is possible that aproperty bought with a boutique under it could end upoverlooking a fast food restaurant. Buyers, Peter Wetherellcautions, need to be advised by a good property agent whoknows the local market and commercial property and whocan look into the leases and commercial health of the retailpremises below.Wetherell is currently marketing a range of apartmentslocated above smart shops, cafés and restaurants acrossMayfair, including a £5.95 million two bedroom apartmenton Davies Street; two apartments, a three bed and a twobed, both on Mount Street, each priced at £4.25 millionand a one bedroom flat on Avery Row priced at£999,950.For more information, contact Wetherell onTel: 020 7493 6935 or visit www.wetherell.co.uk"Wetherell calculatethat this new generationof flats above luxurybrands can sell at a10%price premiumcompared to regularadjacent homes."| 24 |

WETHERELL SALES102 MOUNT STREET, LONDON, W1K 2THSALES – 020 7529 5566SALES@WETHERELL.CO.UKFOR SALEDavies Street£5,750,000THE21STIconic Mayfair Building2 Bedroom Lateral ApartmentBalcony24hr Uniformed PorterSecure Underground Parking1,384 sq ftLeasehold 140 years remaining| 25 |

THE FASCINATINGHISTORY OFBALFOURPLACEDesigned by Eustace Balfour (1854-1911) and built as eight individualArts & Crafts mansions. Eachconsisted of five storeys of brick façadeswith stone dressing and elegant gables,double storey stone porches with twinnedcolumns and grand open loggias atfirst floor level.Eustace Balfour, theGrosvenor Estate’s ChiefSurveyor and Architect, wasincredibly ambitious and wellconnected. The completedmansions were magnificent;extensive lower ground floors forkitchens and staff; ground floors withvast entrance halls and grand receptionrooms and the first floors had largerentertaining rooms, with family bedroomson the second and third floors and staffSTREETINFORMATION• First known as Portugal Street• Originally Built as eight Mansions• Terracotta Brickand Portland Stoneaccommodation and storage on the fourthand top fifth floors.Originally known as Portugal Street (a tributeto the Portuguese wife of King Charles II), theGrosvenor family renamed the street BalfourPlace in honour of their chief surveyor.The mansions of Balfour Placehad a variety of owners includingseveral industrialists, a DowagerCountess and a City of Londonmetal-trade magnate. However,the most famous person to covetone of the properties never actuallyowned or lived in it. On 11 August1978 the then 27 year old shipping heiressChristina Onassis (1950-1988) flew intoLondon on her private jet for a lightning oneday tour of houses in Mayfair and Belgravia.Since the early 1970s, Christina had owned| 26 |

102 MOUNT STREET, LONDON, W1K 2THSALES – 020 7529 5566SALES@WETHERELL.CO.UKA MAYFAIR MEMOIR, MY LIFE AT NO.7 BALFOUR PLACE BY HENRY LUMLEYMy parents bought the lease of 7 Balfour Placein 1935 and it took around six months to carryout some internal changes. During this period,my brothers and I stayed with our nanny at theHyde Park Hotel. It was"...Jim, a wellknowncatburglar, climbedthe drain pipesto the thirdfloor and stolemy mother’sjewellery..."a private house whichincluded a basement witha kitchen, pantry, sculleryand a staff sitting room;with a lift which went fromthe basement up to thefourth fl oor. The entrancehall was similar to how it isnow, with a room on theright being the dining roomand on the left a cloakroomand games room. On thefi rst fl oor was a drawingroom and my mother’s boudoir which had Frenchdoors onto a roof garden, which is now enclosedin the building. The next fl oor consisted of guestbedrooms and bathrooms and my parent’sbedrooms, dressing rooms and bathrooms wereon the third fl oor. I know this because Jim, a wellknowncat burglar, climbed the drain pipes to thethird fl oor and stole my mother’s jewellery whichwas on her bedside table – without waking eithermy mother or father.The fourth fl oor had our day nursery,bedrooms and bathrooms with thestaff accommodation on the topfl oor. We had a head cook, scullerymaid, butler, footman, parlour maid,odd jobs man, my mother’s personalmaid, a nanny, nursery maid andseveral housekeepers, as well as threedrivers who lived above the garage inHyde Park Mews.In 1941, an incendiary bomb landedon the roof and burnt out the topfl oor. Two weeks later, a 1000lb bomb blew outthe front of the house, and it was badly damaged.Post war, my father sold the lease back toGrosvenor Estate, and with the War Commissioncompensation and other money, it was restoredas offi ces.RECENTLYSOLD£45 milliona three bedroom apartment in Reeves Mewsin Mayfair, but since the start of 1978 she hadwanted a larger property in the capital. Alas,Balfour Place never became home to ‘OnassisHouse’ since, at that time, one of the mansionsin Balfour Place was being rented by theDeGrimston family who were Process Churchfollowers, but were said by the gossips to becult worshipers.The property world thrives on excitementand so Christina’s Mayfair tour did not gounnoticed. There was a fl urry of newspaperpublicity and speculation following theGreek heiress’s visit and the press calledthe DeGrimston property “Satan’sCave”. With publicity like this, Christinaunderstandably got cold feet anddecided to keep Reeves Mews.FOR SALEBalfour Place£5,250,0002 Bedroom duplex apartmentPatio garden2ndMarquess ofSalisburyEUSTACE BALFOUR'S CONNECTIONSLadyGascoyne-Cecil(Mother)EustaceBalfourLadyFrancesCampbell(Wife)Duke ofArgyll1,932 sq ftLeasehold 115 years remainingArthurBalfourDuke ofWestminster| 27 |

PARK LANE PAD WITHILLUSTRIOUS PEDIGREEAbeautifully appointed 1,473 sq fttwo bedroom lateral apartment atAldford House on Park Lane, witheight windows overlooking HydePark. The luxurious Mayfair pad is located inan elegant 1930s apartment building with anillustrious history.This building was constructed to architecturalplans devised by prominent architectsSir Edwin Lutyens and George Val Myerand has housed residents just as notable.During the 1930s when it was brand new,Aldford House was the “One Hyde Park” ofits day. Dame Anna Neagle, the prominent1930s film star and her film director husbandHerbert Wilcox, lived in an apartment in thebuilding along with film stars Rex Harrisonand Richard Greene.HOME TO THE STARSREX HARRISONDAME ANNA NEAGLERICHARD GREENEFOR SALEalfordhouse£5,250,0002 Double bedrooms24 Hour porterageLiftHyde Park viewsWalk-in dressing room1,473 sq ftLeasehold 86 remaining| 28 |

A WORD FROM ABOVE“Park Lane remains one of the most famousluxury addresses in London. Up to the Victorianera it was lined with Mayfair’s largest mansionsand from the 1930s these were replaced byluxury apartment buildings and 5-star hotels.Its premier place on the Monopoly board formany years made it famous with families aroundthe world and now the address still offers buyersLondon’s version of owning a flat alongsideManhattan’s Central Park.”Peter Wetherell, Chief Executive of Wetherell| 29 |

MOUNT STREETONE OF THE WORLD'S PREMIER SHOPPING DESTINATIONSBond Street, Sloane Street, Rue St Honoré,Madison Avenue, Fifth Avenue, Via MonteNapoleone, Rodeo Drive, Via Condotti,Avenida da Liberdade, Calle de Serrano,Ginza Street and now Mount Street - These12 locations share 18 “key ingredients” whichare the reasons for them being successfulluxury destinations. These ingredients includeattractive architecture; high quality publicrealm (artwork, street furniture, fountains,planting); wide boulevards; access to publictransport; strategic plan by landlord and localauthority; retail complemented by qualityresidential, leisure and hotel properties;good footfall and signposting; and a tenantassociation (for fostering allegiance amongsttenants and organising promotional events).Public realm improvements in London andother urban centres are costly and disruptive,however, the benefits can include enhancedresidential and commercial property values,new retail tenants and an influx ofinward investment.• The 2010 regeneration of Mount Streetdelivered public realm, tenant mix andprofile improvements which havetransformed the street into one ofLondon’s most prestigious luxurybrand addresses• The regeneration resulted in benefitsworth more than £500 million - in termsof new retail development andresidential and commercial propertyvalue rises| 30 |

• The programme to transformMount Street cost £80 million,of which £10 million was spent onpublic realm improvements• In just 20 years, average rents on MountStreet have risen from £16,000 to anaverage of £150,000 per annum today• The world’s top luxury brands now payas much as £3 million in upfront ‘keymoney’ simply to secure a lease onMount Street• These brands will then lavish anythingfrom £6 million upwards on refitting theirshop and paying additional premiummarket rents• Mount Street shop rents have rocketedby 330 per cent since 2006• Since 2010 more than 20 new luxuryretailers/operators have opened onMount Street, representing over £200million of new luxury development• Residential property sales values onMount Street have risen by 199 percentsince 2005, outperforming equivalentaverage rises for Mayfair and Belgravia• Apartments on Mount Street currentlysell for £3,227 per sq ft – some of thehighest values in London• Residential lettings values on Mount Streethave risen by 24 percent since Q1 2013• Weekly residential rents on Mount Streetnow average £1,407 – some of the bestrental values in the capital• There are 12 luxury brand addressesaround the world that are equivalentto Mount StreetSince 2010 there have been more than 20new retail outlet openings on Mount Street,representing over £200 million of newinvestment and development. The latest luxurybrands openings in 2014 included Moynat,Celine, Gina, Roksanda Ilincic, Richard Mille,Christoper Kane and Creed Fragrances.Another effect has been the enhancedperformance of the thoroughfare’s residentialproperty market. Between 2005 and 2013, theaverage sale price for residential property inMount Street has leapt by 199 percent from£741/psf to £2,217/psf. This out-performs theMayfair average as a whole, which saw a 173percent uplift and Belgravia (136% uplift) overthe same period. In 2013 Mount Street’s 13property sales totalled £75.68 million. Onebedroom flats on Mount Street sell for anaverage of £3,227/psf, two-bed flats for£2,143/psf and three beds for £2,962/psf.The repositioning has helped thethoroughfare’s residential lettings market.Rental prices have risen by 24 percent acrossall property types between Q1 2013 and Q12014. The average weekly rent of propertieslet in Mount Street during 2013 was £1,407,which marks a 10 percent increase over theaverage weekly rent achieved in 2012.The transformation of Mount Street froma weak secondary thoroughfare into one ofLondon’s leading luxury brand destinations isnow influencing other London estates to lookat replicating the success of Mount Street in adozen locations across the capital.| 31 |

MOUNT STREETSALES & LETTINGFOR SALE£4.25millionTO LET£1,350per week| 32 |

TO LET£1,500per weekTO LET£1,500per weekFOR SALE£4.25millionFOR SALE£3.75million| 33 |

WETHERELL SALESGREEN STREET £4,250,000South facing Duplex Apartment with Balcony, 3 Bedrooms, Reception, 2 Bathrooms, 1,580 sq ftLeasehold – 119 years remainingTHREE KINGS YARD £3,950,000House in Secure Gated Mews, 2 Bedrooms, 2 Receptions,2 Bathrooms, Parking, 1,398 sq ft, Freehold| 34 |

102 MOUNT STREET, LONDON, W1K 2THSALES – 020 7529 5566SALES@WETHERELL.CO.UKGREEN STREET £3,650,000First Floor Apartment with Balcony, Reception, 1,000 sq ft2 Bathrooms, 2 Bedrooms, Share of FreeholdPARK STREET £3,150,000Duplex Apartment in Period Mansion, 2 Bedrooms, 1,700 sq ft,Reception, 2 Bathrooms Leasehold – 144 years remainingCHESTERFIELD GARDENS £2,800,000Contemporary First Floor Apartment with 24hr Porter,2 Bedrooms, Reception, 2 Bathrooms, 1,082 sq ft,Share of FreeholdDUKE STREET £1,950,000West Facing Apartment with Roof Terrace, 1 Bedrooms,Reception, Bathroom, Leasehold – 125 years remaining,1,099 sq ft| 35 |

WETHERELLDEVELOPMENTUPDATEDue to global demand yet lackof stock, ultra prime new-buildresidential property in Mayfairnow achieves a record 107 percent pricepremium over existing adjacent homes;generating returns for both developers andinvestors. This buoyancy has triggered apipeline of up to £4.5 billion (GDV) of new“Candy-style” large luxury developments inMayfair which is transforming the district intoLondon’s premier super-prime address.Dataloft, the market intelligence group,was commissioned to analyse Lonres, EGiand Westminster planning data, combinedwith Wetherell local market knowledge, toreview existing and pipeline luxury multi-unitresidential development in Mayfair dating from2000 to 2017.Since 2000, there has been a dramatic risein the price premium achieved by new-buildover existing homes in Mayfair.The recently launched Clarges Mayfairaveraged £4,750 per sq ft, a 107 percentpremium over adjacent homes. This can becompared to a 74 percent price premiumachieved in 2004 by 21 Davies Street (£1,331per sqft); a premium of 44 percent in 2002 byPark Lane Place (£1,020 per sq ft) and a 27percent premium in 2000 by 1 Carlos Place(£726 per sq ft).This 80 point jump in premiums has beentriggered by a rising international demandby ultra-high-net-worth investors for luxuryresidential property in London’s bestaddresses; viewed as a safe haven to “park”wealth in an increasingly uncertain globalpolitical-economy. Historically Mayfair hassuffered from an undersupply of new-buildluxury property, generating intense demandwhen stock has become available.Crucially the planned projects are dominatedby larger multi-unit developments offeringfive star hotel-style lifestyle facilities, such asconcierge, health spa, gymnasium andprivate cinema.Sixty percent of the planned new unitsfor Mayfair are contained within just 11development schemes, which will create 1.5million square feet of new residential space.PROJECTED VALUE OFDEVELOPMENT PIPELINE£4,500 per sq ft £5,000 per sq ft £5,500 per sq ft£2BN£1.8BN£1.6BN£1.4BN£1.2BN£1BN£800m£600m£400m£200m£0studio 1 2 3 4 5+no. of bedroomssource: egi, westminster planningportal, lonres| 36 |

The recently launchedClarges Mayfairaveraged £4,750 per sq ft,a 107 percent premiumover adjacent homesEach of these 11 schemes, contains an averageof 25 luxury residences which will bringto the market some 285 newultra-prime homes. Of the11 large schemes 82percent are new build ornew-within-retainedfaçadeprojects,containing a significantnumber of threebed plus properties,an indication of theuber-prime natureof the developments.Greenery plays a criticalrole in the location of thesenew developments, with the world’s106part ofplanningapplications447units inMayfairsuper-rich happy to pay a premium price for aparkside view. Virtually all of the new pipelinedevelopment is located overlooking eitherHyde Park (Park Lane address), Green Park(Piccadilly location) or Grosvenor Square.Between 1994 to 2006 just 52 new projects(average of 4 per year) were built in Mayfair,of which almost 80 percent contained lessthan 10 units and circa 70 percent wereoffice to residential conversions and/orrefurbishments of existing properties.So is there a market for Mayfair’s newdevelopment pipeline? According to the latestresearch from Wealth-X and UBS in 2014there are now 2,325 billionaires worldwide,up 7 percent from last year. Of these, 72billionaires (worth a combined £110 billion)cite London as their primary home, and274planningpermissionapprovedaccording to Credit Suisse there are anadditional 2,043 cash-rich multi-millionairesliving in the UK, forecast to rise 65 percentto 3,381 by 2019. When these figures arecompared to the 67 units in Mayfair underconstruction and 274 with planning permission.Peter Wetherell comments: “Back in January2014, Wetherell forecast that the best Mayfairproperties would hit a new £5,000per sq ft record during the67currentlyunderconstructionyear. Some in the propertyindustry queried mycalculations, howeverin September my callwas proved rightwhen Clarges Mayfairbroke the £5,000per sqft barrier andgenerated £210million worth of offplan sales. Wetherellalso forecast in January thatMayfair ultra-prime residentialvalues will hit £7,500 per sq ft inthe next five years, and £10,000 per sq ft inthe next 10 years. Based on current valuationsof £4,500 to £5,500 per sq ft, there is some£4.5 billion of new luxury development inthe Mayfair property pipeline. The majoritywill provide large lateral flats and penthouses…72 billionaires (wortha combined £110 billion)cite London as theirprimary home, andaccording to CreditSuisse there are anadditional 2,043 cashrichmulti-millionairesliving in the UK…complete with outstanding 5-star hotel stylefacilities, and the quality of the pipeline leadsme to firmly believe Mayfair remains on targetto hit new price benchmarks.”Peter continues: “The latest Wealth-X/UBSfigures also show that there is an existingmarket of UHNWI for this pipeline stock.I have always stated that lack of stock, notlack of demand, has historically ensured thatKnightsbridge, not Mayfair has held the crownas London’s top residential address. It is veryclear that a huge transformation is taking placein the Mayfair residential market. Wetherellforecast that Mayfair will eclipse Knightsbridgeas London’s premier residential address.”For more information contact the WetherellDevelopment Department on 020 7529 5577Sixty percent of theplanned new unitsfor Mayfair arecontained within just11 development schemes,which will create1.5 million square footof new residential space.350 YEARS•285 ACRES•144 STREETS•5,200 RESIDENTSMAYFAIR-THE FACTS-3,800 5* HOTELROOMS•26 MICHELINSTARRESTAURANTS•ONE MAYFAIRGURU| 37 |

WETHERELL DEVELOPMENTSHILL STREET, MAYFAIR| 38 |

102 MOUNT STREET, LONDON, W1K 2THDEVELOPMENTS - 020 7529 5577DEV@WETHERELL.CO.UKFOR SALEHill Street£22,500,000Development opportunityHouse divided into five apartmentsSwimming poolRoof terrace9,400 sq ftFreehold| 39 |

21HOW DID MAYFAIR BECOMELONDON'SMOST DESIRABLE AREA?By Christopher Middleton (First published in The Telegraph)Had the game of Monopoly beeninvented in the 17th century,the most valuable square on theboard would not have been Mayfair. Backthen, there weren’t many blue plaques onits walls. Mind you, there weren’t that manywalls, either. Today, it may be the home ofBritain’s most expensive property, but circa1675, it was a nondescript patch of openground made muddy and boggy by theRiver Tyburn.Suddenly, though, in 1686, the area acquirednot just a name, but also a purpose. KingJames II granted permission for a fair to beheld there, during the first two weeks ofMay. Unsurprisingly, people who had recentlyescaped the grip of the Great Plague tookthe opportunity to let their hair down. Beforelong, the May Fair became a byword firstfor music, dancing and merriment, and thenfor what the authorities termed “lewd anddisorderly practices”.But the area’s downmarket reputation wasnot to last long. Modern-day estate agentPeter Wetherell explains in The Story ofMayfair how it was thanks to a 12-year-oldgirl. She was Mary Davies, the daughter of awealthy banker. Her inheritance included 100acres of what was termed “swampy meads”,south of Oxford Street and east of Park Lane.When she married into the Grosvenors, thepowerful, Cheshire-based landowning family,the seeds of modern-day Mayfair were sown.The couple’s son, Sir Richard Grosvenor,set about the construction of upmarketGrosvenor Square. At the same time, otherwealthy families were also developingprosperous streets nearby. All of a sudden,those meads were becoming not swampy,3KEY FOR IMAGES1) Historic Map of GrosvenorSquare c17402) 17th Century Woodcut fromthe Original May Fair in ShepherdsMarket3) 12 year old Mary Davieswho married Sir Thomas Grosvenorin 16774) The Grosvenor Family at GrosvenorHouse by Charles Robert Leslie 18315) Rear Elevation of No.3 SeamorePlace built 1818 demolished 1911| 40 |

45but swanky. “When it was built, GrosvenorSquare put everything else in the shade andbecame a magnet for dukes, earls, viscountsand marquises. Of the initial 277 houses,117 had titled owners.”"...And in World WarTwo, what saved thegrand houses was whenthey were taken overand put to commercialand office use.”It wasn’t long before the area’s reputationgrew, helped by testimonies such as that ofthe Rev Sydney Smith, canon of St Paul’s, whosaid: “Mayfair contains more intelligence andhuman ability – to say nothing of wealth andbeauty – than the world has ever collectedin one space before. ”It was no surprise,therefore, when the May Fair was movedfrom its original site in Shepherd Market.In 1764 it moved to Bow in the east wherethe rowdiness would not upset the rich,new residents.Mind you, says Wetherell, the story ofMayfair has not been one of continually risingreputation and prices. “There have beenseveral distinct step changes over the years,”he adds. “The First World War bankruptedeveryone, and those that didn’t die in theTrenches were killed off by Spanish flu. Andin World War Two, what saved the grandhouses was when they were taken over andput to commercial and office use.”| 41 |

WETHERELL LETTINGSPARK LANEComing soon:Triplex Penthouse 7,800 sq ft| 42 |

102 MOUNT STREET, LONDON, W1K 2THLETTINGS - 020 7529 5588RENTALS@WETHERELL.CO.UK| 43 |

WETHERELL LETTINGSPARK LANEPark Lane£5,200 per weekDuplex Penthouse3 Bedroom suitesRoof terracePorterHyde Park ViewsParking2,370 sq ft| 44 |

102 MOUNT STREET, LONDON, W1K 2THLETTINGS - 020 7529 5588RENTALS@WETHERELL.CO.UKDEANERYHOUSEDeanery House£3,500 per weekClassic townhouseCinemaPrivate terrace garden5 Bedrooms3,872 sq ft| 45 |

MAYFAIR'S SECRET"TROPICAL GARDEN"Beautiful and historic Mount Street Gardens is known locally as the “tropical garden” because it is famousfor its highly unusual tropical trees, palms, Redwoods and Chinese willowFACT FILEThe gardensare knownlocally asthe "tropicalgarden".Originally it waspart of a hugefortification.Abundantwith tropicaltrees, palms,Redwoods andChinese willow.£9 million is theaverage pricefor a flat.Created in 1889.The positionfrom whichCromwelldefended thecapital againstRoyalist troops.After the civilwar it alsoserved as agraveyard.Mount Street Gardens is a wonderful secretgarden located in the heart of Mayfair, offMount Street. It was originally created in 1889and has some of central London's finest London planetrees, Australian silver wattle, Canary Islands palm,Redwood trees and willows from China and Chusanpalms. Tropical trees like these normally only grow onsouthern shores in micro-climatessuch as Poole and Bournemouth.Mayfair legend has it that thesurrounding heat from the buildingsof Mayfair and the wider West Endhave created a unique micro-climatewhich enables these tropical treesand plants to survive in the heart ofthe capital.The gardens has a fascinating history– originally it was part of a hugefortification dating from the EnglishCivil War that ran along these gardensand where Mount Street is now. Thefortification was known as Oliver's Mount, and was whereOliver Cromwell defended the capital against Royalisttroops – it is from Oliver Cromwell and his fortificationthat the gardens and Mount Street get their name.After the civil war it served as a burial ground andgraveyard – and the garden is still rumoured to be"provide a secretand tranquil oasisof greenery in theheart of London'sWest End. The viewsfrom the apartmentonto the gardensare superb, andthe view is simplypriceless.haunted by ghosts from the English Civil War. In 1889,the graveyard was converted into a garden right inthe heart of Mayfair – grand mansions and apartmentblocks were built around it, but the gravesite remaineduntouched. As part of the conversion into gardens, thepaths were lined with benches, many of which had beendonated by the families of US citizens who had enjoyedthe gardens while based at thenearby US embassy and otherUS institutions nearby.During WWII, Sir Winston Churchilland General Eisenhower would walkin these gardens and hold secretdiscussions; Eisenhower being basedat 20 Grosvenor Square in what wasthen the Supreme HQ of the AlliedHigh Command. The gardens were afavourite haunt of General Eisenhower.Peter Wetherell, Chief Executive ofWetherell said: "These wonderfulMount Street Gardens are one of Mayfair's besthidden secrets. Behind the boutique shops of MountStreet and yet close to Park Lane and Oxford Street,they provide a secret and tranquil oasis of greeneryin the heart of London's West End. The views fromthe apartments onto the gardens are superb, and aresimply priceless."| 46 |

FOR SALESouth Street£2.65m2 Beds1,463 sq ftTO LETSouth Street£3,500 per week4 Beds2 Balconies| 47 |

WETHERELL LETTINGSSACKVILLE STREET£2,750 per weekNORTH AUDLEY STREET£2,250 per weekPenthouse, 3 beds, 1,270 sq ft4 beds, Porter, 2,131 sq ftPARK STREET£1,650 per weekDAVIES STREET£1,600 per week3 beds, lift, 1,800 sq ftPenthouse, Porter, 1,497 sq ft| 48 |

102 MOUNT STREET, LONDON, W1K 2THLETTINGS – 020 7529 5588RENTALS@WETHERELL.CO.UKWOODS MEWS£1,500 per weekMADDOX STREET£1,350 per week2 beds, Duplex, Terrace, 1,359 sq ft2 bed, Air Conditioning, 1,199 sq ftPARK STREET£995 per weekHILL STREET£510 per week2 beds, Porter, 1,006 sq ft1 bed, Porter, 440 sq ft| 49 |

BEST OF 2014 - LETTINGSLETLETLETLETAUDLEY SQUARE £15,000 P.W. PARK LANE £7,500 P.W.CONNAUGHT HOUSE £4,500 P.W.UPPER BROOK £2,500 P.W.LETLETLETLETCURZON STREET £2,000 P.W.CURZON STREET £1,750 P.W. BALFOUR PLACE £1,600 P.W. DUNRAVEN STREET £1,500 P.W.LETLETLETLETMOUNT STREET £1,400 P.W. MOUNT STREET £895 P.W. CHESTERFIELD HOUSE £795 P.W.HILL STREET £675 P.W.| 50 |

BEST OF 2014 - SOLDSOLDSOLDSOLDSOLDCHARLES STREET £50,000,000 BALFOUR PLACE £45,000,000 DAVIES STREET £18,000,000 UPPER BROOK STREET £17,500,000SOLDSOLDSOLDSOLDCHARLES STREET £11,000,000 CHESTERFIELD HILL £11,000,000 PARK STREET £6,000,000 GROSVENOR SQUARE £5,500,000SOLDSOLDSOLDSOLDCLARIDGE HOUSE £4,400,000 CURZON STREET £4,250,000 MOUNT STREET £2,000,000 ERSKINE HOUSE £450,000| 51 |

WHY WETHERELL?WETHERELL AT A GLANCE42%£750MTOPTHREE£10M+£250M£75MNo. 1MOUNTSTREETCLIENTSWetherell is Mayfair’s No.1 agentby value of sales (42% marketshare in 2014)Wetherell delivered three quartersof a billion pounds worth of dealsin 2014Wetherell was involved in Mayfair’s3 biggest residential property dealsof 2014 - £50 million, £45 millionand 21 millionWetherell is Mayfair’s top agent for£10 million plus super-prime sales –by number and value of salesWetherell is Mayfair’s most reliableand consistent agent for selling andletting property across all price brandsWetherell was the agent for ClargesMayfair, £250 million of sales atrecord valuesAgent for 77 Mayfair with £75million worth of off plan salesWetherell is Mayfair’s No.1 privatelyowned and independent agent withpriority given to clients rather thanshareholders, partners or fundersShop on Mount Street, London’spremier high streetWetherell has the strongestand most informed team ofprofessionalsWetherell is the voice of Mayfairin terms of editorial exposure innewspapers and magazines aroundthe world, thought leadershipcomment and reports and mentionsacross the world wide webAward winning website whichshowcases client properties,unrivalled market research andMayfair news attracting visitors fromaround the worldWetherell performs locally butthinks globallyWetherell advises leading propertybrands including Grosvenor, LandSecurities, British Land and LuxloWETHERELL SPECIALISES INMAYFAIR PROPERTY, ADVISINGCLIENTS ON THE FINESTRESIDENTIAL SALES, LETTINGS,INVESTMENTS AND NEWDEVELOPMENTS IN THIS WORLD-RENOWNED ADDRESS.NO ONE KNOWS MAYFAIRBETTER THAN WETHERELLWith a shop on Mayfair’s busiest local high street and over 30 years inthe property business wehave got to know not justour customers, but alsoour neighbouring Mayfairlocal businesses, celebrities,hoteliers, overseasinvestors, politicians,planners and landowners.Therefore when Wetherellis instructed to sell,acquire or let a Mayfair property we are able to draw on an unrivallednetwork of business colleagues to ensure that our client’s aims are met.Wetherell can “quietly market” both locally and globally, often to a veryprivate and closed circle of high-net-worth individuals. Its makes all thedifference and consistently delivers results.OUR SERVICES• Sales• Lettings• Valuations• New development consultancy• Property presentation advice• New homes sales• New homes specifi cation and unit layout consultancy• Marketing strategy and consultancy• Showhome presentation• Website and digital marketing• Sales and lettings brochures| 52 |

The Penthouse77 MayfairDuplex3,972 sq ftPrivate roof terraceSpaSwimming poolGymSecure underground parkingP.O.A

market reportNovember 2014theofspring 2014StreetsARE streets aheadn 40% - premium paid for properties on a‘Crescent’ in central London in 2013n £659 million – total value of sales on ‘Squares’in central London in 2013n 36% - the highest proportion of propertiessold in 2013 in central London were on a‘Street’ (the highest proportion of sales acrossEngland and Wales were on ‘Roads’ - 31.3%)n 17.8% - discount of properties on a ‘Road’in central London in 2013 compared to theoverall average price paid per square foot674neW private unitscompleteD in mayfairsince 1994.447 unitsin current planningpipeline.over 100%£ per square foot premiumnoW on neW BuilD versusseconD hanD apartments.18%increase in resiDentialaDDresses in mayfair overthe last 20 years.Market ReportSummer 2014A SNAP-SHOT OF THE MARKETBringing r esiD ential l ife B ack ■ Mayfair to fi ve-star m ayfairhotel rates are the highest inthe London luxury market – with a 4% premiumover Knightsbridge and 60% over St James’s andThe Strand.■ There are 16 luxury hotels in Mayfair, plus fourof the 10 most expensive hotel suites across thecapital.■ 24% of Mayfair fi ve-star hotel rooms are nowsuites.■ 12% - the premium for the average weekly rentalvalue of a fi ve-star London hotel room over theaverage weekly rental value of a 2+ bedroomfurnished apartment in Mayfair (2013). In 2009,hotel prices were 29% higher.■ £1687 - average weekly rental value of a fi ve-starLondon hotel room (2013).■ £1738 - average weekly rental value of a 2+bedroom furnished apartment in Mayfair (2014).THE MOUNT STREET REPORTMOUNT STREET AS AN EXEMPLAROF PUBLIC REALM IMPROVEMENTbringing residential life back to mayfairbringing residential life back to mayfairJanuary 2015This report promotes Wetherell’s continued prominence in residentialsales in Mayfair with a 42% market share by value for all sales in 2014bringing residential life back to mayfairWetherell’sReputationTogether, the senior team at Wetherell have over 100 years of experience inworking in the local property market. This knowledge, combined with hard workand results, has given Wetherell an outstanding reputation as the leading estateagents in Mayfair with a high and dominant percentage of sales coming fromrecommendations, referrals or repeat clients.Peter WetherellCEOJames McManusManaging DirectorJayne WeldonBrand ManagerRobert WindsorDevelopment DirectorDarran SimmonsLettings ManagerWetherell inthe CommunityWetherell is very much the local agent for Mayfair. We feel it isimportant to give back, supporting the Mayfair Forum, investing inprojects such as replacing the bells in Grosvenor Chapel, the restorationof the drinking fountain in Mount Street Gardens and fighting on behalfof the community on issues such as parking & public realm. Wetherellalso funds the Mount Street Association providing support to localtraders and arranging the Christmas Lights Event each year.Unrivalled PassionWetherell is widely acknowledged by landlords, local businessesand competitors as being the force behind the revival of Mayfair asa prime residential location, the address of choice for people fromaround the world.Integrating Mayfairhistory with cuttingedgetechnologyAt Wetherell we combine our historic records of Mayfairproperty sales, lettings, values achieved and purchaser profiles,with our state-of-the art and highly focused internet and digitalmarketing. This ensures that the Wetherell name appears in allkey internet searches related to Mayfair. Wetherell recognisesthat people from around the world seek Mayfair’s finestproperties, and through innovative digital and print marketingwe ensure they come to us market first. intelligenceWetherellMAyfAirWetherellMayfairrise neW SLEEPING IN LONDONTHE LATEST TRENDS IN LONDON’S LUXURY ACCOMMODATION MARKETDevelopmentsProfessionalWetherell act for the major landlords and investors in Mayfair, advisingon Valuations for sale and rental, new developments and LeaseholdReform Act valuations.WetherellMayfairMarket ReportHierarchyLONDON CRESCENTSWetherellMayfairMarket ReportNo. 1 in mayfaIrwhy wetherell is no. 1 in mayfair 9| 53 |