Yours for just £35m: Prices at London’s most expensive development revealed
Luxury apartments at London’s most expensive residential property development ever will hit the market for £35m or more and have already racked up a waiting list of over 600 super-rich buyers.
1 Mayfair, the £2bn super-luxury scheme being ring-led by the Phones4u billionaire John Caudwell, is set for completion in spring of 2026 when it will easily to trump London’s current most expensive residential site, Knightsbridge’s One Hyde Park.
Its construction team celebrated its ‘topping out’ ceremony over the weekend, marking its structural completion, before work begins on the interior, which is set to boast just 24 of what it has called ‘principal residences’.
The homes, which will span from penthouses, apartments and ‘pied-a-terres’, start at £35m, with many expected to attract considerably higher sums from monied prospective buyers.
The 300,000 sq ft scheme includes a suite of amenities including an in-house spa and underground parking.
But its eye-watering prices are at odds with the downbeat rhetoric that has surrounded London’s super prime market in recent years.
Values fetched in the market – which tends to comprise of homes worth £10m or more – remain below their pre-2016 levels, after the successive blows of Brexit, the pandemic, and now reports of an ultra-rich exodus from the UK weighed on the upper end of the property market.
Knight Frank’s head of super prime sales Stuart Bailey recently referred to the top bracket of the London housing market as being “at an almost eight-to-nine year low ebb” in an interview with City PM.
Yet Caudwell, the billionaire’s eponymous property firm specialising in developing ‘the most magnificent residences in the world’, has claimed the scheme has already attracted the world’s longest ‘waiting list’ of interest from billionaire and centi-millionaire buyers.
Over 600 ultra-high net worth individuals have registered an interest in buying a property in the development, the developer said.
“The topping out marks the completion of the structure and basement of 1 Mayfair and underlines the advanced stage of the project’s construction,” said John Caudwell.
“1 Mayfair will deliver a legacy for London in the form of a landmark residential scheme that is timeless in terms of its architecture, design and build quality, setting a benchmark for London living and luxury design for centuries to come.”