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Number onE in mayfair

Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

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Page 1: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

Number onE in

mayfair

Page 2: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,
Page 3: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

WETHERELL AT A GLANCE

No 134

55%

£15M+

MOUNT STREET

No-one knows Mayfair better than Wetherell

Wetherell have specialised in Mayfair for 34 years

Wetherell is Mayfair’s leading residential estate agent with 55% of sales value for 2015

Wetherell have been involved in 80% of all transactions over £15 million in the last 12 months

Prominent corner shop on Mount Street, London’s premier retail destination

Wetherell has the strongest and most informed team of professionals

Wetherell is the voice of Mayfair in terms of editorial exposure in newspapers and magazines around the world. Thought leadership comments, reports and mentions across the world wide web

Awards: Spear’s Top 5 Property Advisors. The Mayfair Times Community Awards 2016, ‘At Your Service’ Winners

Wetherell performs locally but sells globally

MAYFAIR’S LEADING AGENT FOR LONDON’S

No. 1 AREA

Page 4: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

MayfairGuru

TheChief Executive Peter Wetherell provides an insight into what makes Wetherell the leading estate agent in Mayfair

Our client advice is based on our 34 years of being in business, which provides us with a deep knowledge of both Mayfair and a library of sales and lettings records.

This is combined with a genuine understanding built up over three decades of what purchasers and vendors are seeking. Mayfair attracts a global clientele, so Wetherell fuses local knowledge with an international outlook.

In our business it is crucial to remain relevant, deliver results and integrate past experience with the latest technology and ways of communicating.

We are also known throughout Mayfair because we are very engaged with the local community. We have worked with the local church to raise funds for the bell tower, supported the local school and organised various annual events to promote Mayfair through the Mount Street Association.

In keeping with the finest traditions of Mayfair, our service is professional, personal and focused on quality. Wetherell is not constrained by corporate bureaucracy. Our independent, entrepreneurial and client focused

approach produces continued results for our clients and is the reason why each year Wetherell remains Mayfair’s market leader.

The Mayfair Guru is a name kindly coined for me in a profile by Country Life magazine and now repeated many times by the media. What Country Life was trying to convey was the fact that thanks to over 34 years in the Mayfair property business, we have got to know not just our customers, but also our neighbouring businesses, celebrities, hoteliers, overseas investors, politicians and landowners. Therefore, when Wetherell is instructed to sell, acquire or let a property, we are able to draw on an unrivalled network of contacts to ensure that our client’s aims are met.

Crucially, Wetherell is much more than just me. Together, the senior team have over 100 years of experience working in the property industry. This knowledge, combined with hard work and results, has given Wetherell an outstanding reputation as the leading estate agent in Mayfair. n

Wetherell has a

55%£ Market Share

Page 5: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

In 2014 Peter was made an Eminent Fellow of the Royal Institute of Chartered Surveyors (RICS), as a reflection of outstanding individual achievement, success and expertise within the surveying profession.

As a development agent, he has been responsible for the sale of over 85 office buildings reverting back to their former residential use, creating 250 new homes as houses and apartments, and is currently advising on a number of residential schemes for British Land, Luxlo and others to bring a further 400 new homes to the Mayfair area.

Peter is former Chairman of the central London branch of The National Association of Estate Agents (NAEA) and a board director of the Central London Estate Agents Ltd (CLEA), who publish The London Magazine for all of London’s leading estate agents.

Peter has a keen involvement in local issues and community projects, having lived in Mayfair for a number of years and brought up a family in the area. He is Chairman of The Mount Street Association and sits on the board of a number of Stakeholder groups in the area.

PAGE 5

Peter Wetherell F.R.I.C.S.Founder and Chief Executive of Wetherell

Scott’s is Mayfair’s very own ‘Chippy’, albeit with white linens, fine crystal and an excellent wine list.“ ”PETER WETHERELL Chairman, Wetherell

Page 6: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

PropertiesThe

New Bond Street£30,000,000+

Mount Street£3,750,000

MAYFAIR MANSION£45,000,000

Grosvenor Square£10,000,000

Charles Street£1,250,000

Duke Street£1,295,000

SOLD

SOLD

SOLD

SOLD

SOLD

SOLD

Page 7: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

Properties Over the last 12 months, Wetherell has been privileged to sell and let some of the finest properties in Mayfair. Below is a small selection of our favourites.

Davies Street£5,350,000

South Audley Street£4,500,000

Balfour Mews£7,250,000

Avery Row£995,000

Mount Street£4,250,000

Upper Brook Street£30,000 per week

Fountain House5 Units from £2,300 per week

SOLD

SOLD

SOLD

SOLD

SOLD

LetLet

Page 8: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

SalesTeam

The

Early in his career, Max interned at Wetherell whilst studying for a degree in Financial Law. He followed this with 3 years working for an architecture practice in the Caribbean, but sunshine and blue seas could not compete with the buzz of Mayfair and he re-joined us in early 2016.Mayfair Favourite: Historic Saville Row

James joined Wetherell in 2004. As Managing Director, he advises on all aspects of Mayfair and West End property, specialising in Sales, Developments and Valuations, and has been personally involved in over £1 billion worth of property transactions. In 2013, he gained a masters degree in Real Estate and Finance. He lives in West London with his wife and two young daughters.

One-to-one contact with vendors and applicants is at the heart of the Wetherell way. With a 34 year history in the Mayfair market, the Wetherell sales team prides itself in knowing the provenance and history of the majority of the residential market in Mayfair and the wider West End.

James McManusManaging Director

Maximilian ArchibaldSales Negotiator

There Are

4,384Residential Addresses

in Mayfair

Hugo joined the Sales department in 2014. He has a background in luxury Lettings and market experience across Prime Central London. He is fluent in Spanish, German and Portuguese. Mayfair Favourite:The Audley Pub, a great mix of workers and residents

Hugo MillerSales Negotiator

Page 9: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

My favourite summer pastime is a game of table tennis in Grosvenor Square, it is amazing who you bump into whilst chasing a ping pong ball.

”James McManusManaging Director, Wetherell

Page 10: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

“ PROFESSIONAL, FRIENDLY AND A PLEASURE TO WORK WITH”

“You Have Somehow Improved On Perfection”

“an excellent resume of properties”

“Some Very Good Teamwork”

“ GENUINELY GRATEFUL FOR THE WAY YOU HAVE HANDLED THIS”

“Wetherell Succeeded Where All The Other Mayfair Agents Failed”

“ Thank you for all your help, we’re finally there!”

“Thanks For Making The Renting Thing So Easy”

“Thank you very warmly for your precious help”

“ I HAVE LOVED WORKING WITH THE LETTINGS TEAM”

70% of our clients have worked with us on numerous transactions, so their feedback is always supremely important to us.

Page 11: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

Our Clients“ PROFESSIONAL, FRIENDLY AND A PLEASURE TO WORK WITH”

“You Have Somehow Improved On Perfection”

“an excellent resume of properties”

“ A Definite Breath Of Fresh Air In The Way Your Team Maintain Their Business Relationships”

“ Our Clients Could Not Be In Better Hands”

“Wetherell Succeeded Where All The Other Mayfair Agents Failed”

“ Thank you for all your help, we’re finally there!”

“Thanks For Making The Renting Thing So Easy”

“Thank you very warmly for your precious help”

Page 12: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

Linton joined the Wetherell Lettings team in October 2015 after 3 years’ experience in the North London Lettings market. He has a keen eye for design and anything automotive.Mayfair Favourite: Fish and Chips at Scott’s

Linton HusbandsLettings Negotiator

LettingsTeam

The

Always destined to be a Mayfair agent, Pollyanna joined Wetherell at the beginning of the year from elsewhere in PCL. With bags of experience in the Lettings market and a keen eye for style, she is a perfect addition to our Mount Street team.Mayfair Favourite: Cocktails at Hush in Lancashire Court

Darran has been letting properties across the most desirable parts of Prime Central London for the last 8 years, with extensive knowledge of the lettings market in areas such as South Kensington, Sloane Square, Chelsea, Notting Hill, Holland Park and of course Mayfair. He is an ex-serviceman from the Royal Air Force and an adventure sports enthusiast.

Young and fun but with a wealth of market knowledge, Wetherell’s letting department love the buzz of finding people new homes. Whether you are relocating from overseas or just wanting to swap into the perfect property, our team will do their best to find your new place.

Darran Simmons Lettings Manager

Pollyanna PrescottSenior Lettings Negotiator

The Average Mayfair Rental Property Achieves

£1,225Per Week

Page 13: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

“”Darran Simmons

Lettings Manager

Dark, luxurious and atmospheric – The Coburg Bar at The Connaught Hotel mixes a mean Martini.

Page 14: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

Wetherell

market reportN ov em b er 2014

MAyfAir

rise neW DevelopmentsBr inging r esiDen t i a l l ife Back to m ay fa ir

of

the

674 neW private units

completeD in mayfair since 1994.

447 units in current planning

pipeline.

over 100%£ per square foot premium noW on neW BuilD versus seconD hanD apartments.

18% increase in resiDential

aDDresses in mayfair over the last 20 years.

MayfairWetherell

Market ReportSummer 2014

bringing residential life back to mayfair

■ Mayfair fi ve-star hotel rates are the highest in the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand.

■ There are 16 luxury hotels in Mayfair, plus four of the 10 most expensive hotel suites across the capital.

■ 24% of Mayfair fi ve-star hotel rooms are now suites.

■ 12% - the premium for the average weekly rental value of a fi ve-star London hotel room over the average weekly rental value of a 2+ bedroom furnished apartment in Mayfair (2013). In 2009, hotel prices were 29% higher.

■ £1687 - average weekly rental value of a fi ve-star London hotel room (2013).

■ £1738 - average weekly rental value of a 2+ bedroom furnished apartment in Mayfair (2014).

A SNAP-SHOT OF THE MARKET

SLEEPING IN LONDONTHE LATEST TRENDS IN LONDON’S LUXURY ACCOMMODATION MARKET

Wetherell RESIDENTIAL DEVELOPMENT REPORTJANUARY 2014

£5billion plus ofMayfair DevelopmentS

bringing residential life back to mayfair

PLANNING PERMISSIONS

PL

ANNING APPLICATIONS

UN

DER

CONSTRUCTIONU

NUU

DER

CO STS RURR

CU

TIOIN

2%

19%

38%

33% 7%

5%

20%

12%

32%

32%

2%

10%

35%

41%

13%

STUDIO

TWO BEDROOM

ONE BEDROOM

THREE BEDROOM

FOUR+ BEDROOM

PLANNING APPLICATIONS

PLANNING PERMISSIONS

UNDER CONSTRUCTION

60TOTAL NUMBER OF UNITS PROPOSED

286TOTAL NUMBER OF UNITS PROPOSED

42TOTAL NUMBER OF UNITS PROPOSED

22,443AVERAGE SIZE OF SCHEME (SQFT)

32,983AVERAGE SIZE OF SCHEME (SQFT)

13,327AVERAGE SIZE OF SCHEME (SQFT)

PLANNING APPLICATIONS

PLANNING PERMISSIONS

UNDER CONSTRUCTION

21.4%

67.9%

10.7%

Proportion of total number of units proposed and under construction in Mayfair.

61SITES / SCHEMES

401PROPOSED ADDITIONAL UNITS, NET GAIN OF 341 UNITS (INC. 13 PROPOSED ON PRE-PLANNING SITES)

1,235,678ADDITIONAL SQ FT OF RESIDENTIAL LINKED SPACE

34%OF SCHEMES INCLUDE SOME CAR PARKING PROVISION

T HE MOUN T S T REE T REP OR TM O U N T S T R E E T A S A N E X E M P L A R O F P U B L I C R E A L M I M P R O V E M E N T

MayfairWetherell

Market Reportfebruary 2015

bringing residential life back to mayfair

Hindsight ofBenefit

The

A Look Back To 1985

MarketKnowledge

The

No-one knows Mayfair better than Wetherell, and our frequent specialist reports allow us to share that knowledge. We are always striving to learn more about our area, working closely with Dataloft & Lonres to make sure we get our facts straight.

spring 2015The Penthouse, The MellierDuplex Penthouse and Four Luxury Apartments designed by Eric Parry.

Professional

Wetherell in the Community

Wetherell’srePutation

integrating mayfair history With Cutting edge teChnology

Together, the senior team at Wetherell have over 100 years of experience in working in the local property market. This knowledge, combined with hard work and results, has given Wetherell an outstanding reputation as the leading estate agents in Mayfair with a high and dominant percentage of sales coming from recommendations, referrals or repeat clients.

Wetherell is very much the local agent for Mayfair. We feel it is important to give back, supporting the Mayfair Forum, investing in projects such as replacing the bells in Grosvenor Chapel, the restoration of the drinking fountain in Mount Street Gardens and fighting on behalf of the community on issues such a parking & public realm. Wetherell also funds the Mount Street Association providing support to local traders and arranging the Christmas Lights Event each year.

Wetherell act for the major landlords and investors in Mayfair, advising on Valuations for sale and rental, new developments and Leasehold Reform Act valuations.

At Wetherell we combine our historic records of Mayfair property sales, lettings, values achieved and purchaser profiles, with our state-of-the art and highly focused internet and digital marketing. This ensures that the Wetherell name appears in all key internet searches related to Mayfair. Wetherell recognises that people from around the world seek Mayfair’s finest properties, and through innovative digital and print marketing we ensure they come to us first.

Peter WetherellCEO

James mcmanusManaging Director

robert WindsorDevelopment Director

darran simmonsLettings Manager

Jayne WeldonBrand Manager

MayfairWetherell

Market Reportspring 2014

n 40% - premium paid for properties on a ‘Crescent’ in central London in 2013

n £659 million – total value of sales on ‘Squares’ in central London in 2013

n 36% - the highest proportion of properties sold in 2013 in central London were on a ‘Street’ (the highest proportion of sales across England and Wales were on ‘Roads’ - 31.3%)

n 17.8% - discount of properties on a ‘Road’ in central London in 2013 compared to the overall average price paid per square foot

Streets Hierarchy LONDON CRESCENTSARE streets ahead

bringing residential life back to mayfair

Wetherell

market reportN ov em b er 2014

MAyfAir

rise neW DevelopmentsBr inging r esiDen t i a l l ife Back to m ay fa ir

of

the

674 neW private units

completeD in mayfair since 1994.

447 units in current planning

pipeline.

over 100%£ per square foot premium noW on neW BuilD versus seconD hanD apartments.

18% increase in resiDential

aDDresses in mayfair over the last 20 years.Mayfair

Wetherell

Market ReportSummer 2014

bringing residential life back to mayfair

n Mayfair fi ve-star hotel rates are the highest in the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand.

n There are 16 luxury hotels in Mayfair, plus four of the 10 most expensive hotel suites across the capital.

n 24% of Mayfair fi ve-star hotel rooms are now suites.

n 12% - the premium for the average weekly rental value of a fi ve-star London hotel room over the average weekly rental value of a 2+ bedroom furnished apartment in Mayfair (2013). In 2009, hotel prices were 29% higher.

n £1687 - average weekly rental value of a fi ve-star London hotel room (2013).

n £1738 - average weekly rental value of a 2+ bedroom furnished apartment in Mayfair (2014).

A SNAP-SHOT OF THE MARKET

SLEEPING IN LONDONTHE LATEST TRENDS IN LONDON’S LUXURY ACCOMMODATION MARKET

T HE MOUN T S T REE T REP OR TM O U N T S T R E E T A S A N E X E M P L A R O F P U B L I C R E A L M I M P R O V E M E N T

MayfairWetherell

Market ReportJanuary 2015

This report promotes Wetherell’s continued prominence in residential sales in Mayfair with a 42% market share by value for all sales in 2014

No. 1 in mayfaIr

bringing residential life back to mayfair

why wetherell is no. 1 in mayfair 9

market intelligence

Page 15: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

MayfairWetherell

Market ReportSummer 2014

bringing residential life back to mayfair

■ Mayfair fi ve-star hotel rates are the highest in the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand.

■ There are 16 luxury hotels in Mayfair, plus four of the 10 most expensive hotel suites across the capital.

■ 24% of Mayfair fi ve-star hotel rooms are now suites.

■ 12% - the premium for the average weekly rental value of a fi ve-star London hotel room over the average weekly rental value of a 2+ bedroom furnished apartment in Mayfair (2013). In 2009, hotel prices were 29% higher.

■ £1687 - average weekly rental value of a fi ve-star London hotel room (2013).

■ £1738 - average weekly rental value of a 2+ bedroom furnished apartment in Mayfair (2014).

A SNAP-SHOT OF THE MARKET

SLEEPING IN LONDONTHE LATEST TRENDS IN LONDON’S LUXURY ACCOMMODATION MARKET

MayfairWetherell

Market Reportfebruary 2015

bringing residential life back to mayfair

Hindsight ofBenefit

The

A Look Back To 1985

MayfairWetherell

Market ReportJUNE 2015

bringing residential life back to mayfair

Volume versus Value is still the issue for residential sales in MayfairSDLT (the acronym for Stamp Duty Land Tax) could also stand for “Stall the Deal Level of Transactions” since the Chancellor’s hike in top tier tax to 12% in December 2014. With the majority result in the General Election to the Conservatives they might like to reflect on declining revenues that this tax will in future generate. Transactional volumes in Mayfair so far this year are 40% down on 2014 with sales over £2m down nearly a third.However the quality and value of the deals at the top end of the market remain extremely strong with Wetherell involved in 80% (in value and volume) of all deals above £5M in the open market for both large apartments and houses which are still in short supply.

TOP RETAIL SPEND TO HIT £10BNCrossrail rolls into town in 2018 and it has been estimated that the retail spend in the West End will top £10Bn by 2019, which will put us ahead of any other European city.Mayfair can offer the spread from High End to High Street and the West End with its 100,000 employees generates £8.8Bn for the UK’s GDP. Current building projects along the line are estimated to have a gross development value of £2.5Bn.Top country for average retail spend (reported by Global Blue, who specialise in foreign travellers’ spending) is Qatar with an average transaction spend of £1,906 followed by UAE and then Saudi Arabia (£1,551 / £1,495) with China currently 4th place with £1,450 although they do provide 23% of the international shopping spend on Bond Street.Overall the average international spend in the West End is £969 per transaction which is 38% higher than the rest of the UK.

MayfairWetherell

Market ReportSummer 2014

n £1.17 billion – total value of the 612 sub-£5 million sales in Mayfair since 1 January 2009 (non-lease length adjusted)

n £2.97 million – average selling price of a property (lease length adjusted) over last 12 months

n £2,076psf – average £psf of a sub-£5 million property over the last 12 months (£2,370 lease length adjusted)

n 82% of all property sales in Mayfair over the last 12 months £5 million or below

n 22% fewer apartments sold sub-£5 million over last 12 months than in same period in 2009/2010

bringing residential life back to mayfair

sub-£5 millionmarket

the

MayfairWetherell

Market Reportspring 2014

n 40% - premium paid for properties on a ‘Crescent’ in central London in 2013

n £659 million – total value of sales on ‘Squares’ in central London in 2013

n 36% - the highest proportion of properties sold in 2013 in central London were on a ‘Street’ (the highest proportion of sales across England and Wales were on ‘Roads’ - 31.3%)

n 17.8% - discount of properties on a ‘Road’ in central London in 2013 compared to the overall average price paid per square foot

Streets Hierarchy LONDON CRESCENTSARE streets ahead

bringing residential life back to mayfair

No. 1 in mayfair

WE VALUE YOUR MAYFAIR PROPERTY

Open Market Valuations • Valuations for Transfer of Ownership Private Purchase or Sale • Development Valuations • Matrimonial Valuations

Capital Gains Tax Valuations • Inheritance Tax Valuations Annual Tax on Enveloped Dwellings • Leasehold Reform

Structural Surveys • Homebuyers Reports

102 Mount Street, London W1K 2TH T: 020 7493 6935 E: [email protected]

wetherell.co.uk

Wetherell

Who lives in MAyfAir?

the changing face oflondon’s number one area

Page 16: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

DevelopmentsDepartment

The

We have recently advised on schemes for : British Land, Luxlo, Almacantar, Glebe, Criterion Capital and Grosvenor. n

Wetherell’s long standing in the residential property market makes us the perfect partners for any developers looking to create new housing stock within Mayfair. Whether you require full consultancy from inception to sales, or just advice on a scheme you have designed, our core team of senior staff are well equipped to help.

Robert WindsorDirector of Residential Development

447New Residential Units to be Built

Within the Next 5 Years

Rob has more than 13 years’ experience selling and acquiring property for a loyal client base across Prime Central London, with a specific focus on Mayfair for the last 10 years. During this time Rob has amassed large portfolios for clients and advised on the acquisition and disposal of many development sites. He has been instrumental in the marketing and subsequent sale of some of London’s most desirable homes, transacting on over £650m worth of property. Most recently, Rob has been the lead consultant on the hugely successful Clarges Mayfair development for British Land, as well as Almacantar’s exciting ‘Marble Arch Place’ development.

Page 17: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

“”Robert Windsor

Director of Residential Development

My current Mayfair favourite is Sexy Fish for delicious food and a great atmosphere.

Page 18: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

Valuations Wetherell are able to offer a formal valuation service for both CGT and ATED purposes.

ATED(Annual Tax on Enveloped Dwellings) charges for overseas-based, Non-Natural Persons (NNPs).

In December’s Autumn Statement, the Chancellor announced that from 1st April 2015, the ATED charge on properties worth over £2 million held through such vehicles would be increased by 50% above inflation. The increases are as follows:

Property Value From 1st April 2016

£500,000 - £1,000,000 £3,500

£1,000,000 - £2,000,000 £7,000

£2,000,000 - £5,000,000 £23,350

£5,000,000 - £10,000,000 £54,450

£10,000,000 - £20,000,000 £109,050

In excess of £20,000,000 £218,200

ATED price increases from 1st April 2016

CGT (capital gains tax)Revised CGT (Capital Gains Tax) rates will be charged on gains made by non-residents disposing of UK residential property from 6th April 2015.

The new CGT charge on non-residents will be focussed on “property used or suitable for use as a dwelling”, i.e. a place that currently is, or has the potential to be used as a residence.

This will include property in the process of being constructed or adapted for such use, in line with the definition in the SDLT (Stamp Duty Land Tax), ATED (Annual Tax on Enveloped Dwellings) and ATED-related CGT regimes. (Disposals of building land will be outside the scope of the charge, until a residential building is under construction).

The charge will apply to gains made by individuals, trustees and closely held non-resident companies and funds, to the extent that such gains are not caught by the ATED-related CGT (Capital Gains Tax) Charge. Companies and funds which are not closely held should not be caught and neither will most institutional investors. n

Department

The

Page 19: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

Andrew Bishop F.R.I.C.S. has over 35 years experience as a Chartered Surveyor working in the Central London property market.

He qualified as a Chartered Surveyor in 1974 (M.R.I.C.S.) and was elected a Fellow (F.R.I.C.S.) in 1980.

Andrew first came to London in 1978 to establish the Parsons Green (Fulham) office for Jackson-Stops & Staff and in 1980, opened the Chelsea office in Milner Street and became the youngest main board director of that firm. He ran the Valuation Department until joining Hamptons as a partner and starting his own firm, Bishop Beamish, in 1986.

As an R.I.C.S. Registered Valuer, he has a broad professional base in all aspects of both residential and commercial general practice valuation matters, including lease extension work under the Leasehold Reform regulation (Enfranchisement).

He is a member of the Chartered Surveyors Livery Company and a past committee member of the R.I.C.S. (South London).

Under the new CGT charge, the rates for individuals will be either 10 to 18% or 20 to 26%, according to their status as basic or higher rate taxpayers respectively.The rate for trustees will vary from 20 to 28%. The rate for companies within the charge will be 20%, mirroring that of UK companies.ATED is for UK residential properties held in corporate vehicles by overseas residents or NNPs (Non Natural Persons) and is intended to tackle perceived tax avoidance.Entrepreneurs Relief is a scheme that is open to directors who own 5% or more of a company, and which allows them to

enjoy a 10% tax rate on capital gains up to a lifetime limit of £10m. This compares with the 28% rate of tax payable without the relief. ATED-CGT will continue to apply, where relevant, and the rate will continue to be 28%. Where both CGT charges potentially apply, ATED-CGT will take precedence and any remaining gain will be taxed under the new rules as set out above.The new rules do not apply to gains relating to periods before 6th April 2015.Clearly these are significant increases, particularly ATED, as they are annual rather than one off charges.

Taxpayers will have three options, as follows:n Rebase to 6th April 2015 (in which case, any post 6th April 2013 gain may be liable to

ATED related CGT, if relevant for that period)n Time apportionment of the gain unless the property is also subject to

ATED-related CGTn Elect to compute the gain or loss over the entire period of ownership, mirroring the

option under ATED-related CGT

Brief Summary

Open Market Valuations • Valuations for Transfer of Ownership Private Purchase or Sale • Development Valuations • Matrimonial Valuations

Capital Gains Tax Valuations • Inheritance Tax Valuations Annual Tax on Enveloped Dwellings • Leasehold Reform

Structural Surveys • Homebuyers Reports

Andrew Bishop F.R.I.C.S.Surveyor

Page 20: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

OXFORD STREET

OXFORD STREET

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Find us by car via Park Lane, or by tube from Bond Street or Green Park. Our corner shop is at the very centre of Mount Street. Wetherell are very much part of the community we serve. We pride ourselves on being part of village life, working with the school, residents associations, and participating in local events.

The

Office

Page 21: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

Our Mayfair office is open 9am to 6pm Monday to Friday, but we are online at wetherell.co.uk 24 hours a day, 365 days a year.

Page 22: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

Peter Wetherell F.R.I.C.S.

Founder and Chief Executive+44 (0) 20 7529 [email protected]

TeamThe

Hugo MillerSales Negotiator+44 (0) 20 7529 [email protected]

Pollyanna PrescottSenior Lettings Negotiator+44 (0) 20 7529 [email protected]

Linton HusbandsLettings Negotiator+44 (0) 20 7529 [email protected]

Amanda LalorPA to Peter Wetherell+44 (0) 20 7493 [email protected]

Lucy MurdochLettings Co-Ordinator+44 (0) 20 7493 [email protected]

ANDREW BISHOP F.R.I.C.S.

Surveyor+44 (0) 20 7529 [email protected]

Maximilian ArchibaldSales Negotiator+44 (0) 20 7529 [email protected]

Kitty O'Sullivan Sales Co-Ordinator+44 (0) 20 7493 [email protected]

Jayne WeldonBrand Manager+44 (0) 20 7529 [email protected]

James McManusManaging Director +44 (0) 20 7529 [email protected]

Robert WindsorDirector of Residential Development+44 (0) 20 7529 [email protected]

Darran SimmonsLettings Manager+44 (0) 20 7529 [email protected]

bringing residential life back to London’s No. 1 Area

Page 23: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

bringing residential life back to London’s No. 1 Area

Wetherell

“”

No-one knows

Mayfairbetter than

Page 24: Number onE in mayfair - Wetherell...the London luxury market – with a 4% premium over Knightsbridge and 60% over St James’s and The Strand. There are 16 luxury hotels in Mayfair,

102 Mount Street . London . W1K 2TH

T: +44 (0) 20 7493 6935 F: +44 (0) 20 7629 9303 E: [email protected]

wetherell.co.uk

SALES+44 (0) 20 7529 [email protected]

RENTALS+44 (0) 20 7529 5588

[email protected]

VALUATIONS+44 (0) 20 7529 [email protected]

DEVELOPMENTS+44 (0) 20 7529 [email protected]