This page contains a Flash digital edition of a book.
75


ONCE A RED LIGHT DISTRICT, SHEPHERD MARKET HAS BECOME MAYFAIR’S HOTTEST HANGOUT, FREQUENTED BY THE DUKE AND DUCHESS OF CAMBRIDGE. NOW MILLIONS ARE BEING SPENT ON NEW LUXURY HOMES IN THE AREA


double that price,” he says. “There isn’t much availability to buy in Shepherd Market. When properties do come up for sale, they are priced according to historical values, when in fact they should be valued in the context of the whole of Mayfair. “There’s some eclectic retail in the area now, including a gunsmith


and a tailor. At last we’re seeing the gentrification of Shepherd Market. It’s almost like it has been put on hold for so many years, but now you’re going to see things moving, and it will really lift the area.” The Reuben Brothers’ property management company, Motcomb Estates, also plans to enhance the public realm, with White Horse Street earmarked for improvement. The southern end of the road, which links Piccadilly to Shepherd Market, is at present particularly gloomy and forbidding. “We are planning major improvements to White Horse Street to make it more of a gateway into Shepherd Market,” says Daniel Smith, who works on design and architecture for the company. “The street currently has very narrow footways. We’re planning to raise the surface of the roadways, slow the traffic down and make it a pedestrian priority zone. We also want to improve street lighting and make it a much safer and more pleasant environment at night.” Ensuring a good tenant mix has also been a priority. “We’ve taken


LEFT: THE NEW FACE OF SHEPHERD MARKET, WITH ITS TRENDY SHOPS AND CAFÉS ABOVE: HOW THE DEVELOPMENT AT 10-11 WHITE HORSE STREET WILL LOOK


quite a strong focus on getting the tenant mix right and getting the general look and feel of Shepherd Market correct,” explains Marie- Claire Dwek, who works in acquisitions and lettings at Motcomb Estates. She says the brands coming in are turning the area into a shopping destination. “The types of people we’ve put in include Tanner Krolle, Bill Amberg, Polistas and the gun shop Anderson Wheeler. They’re all quite upmarket tenants that fit well in the area.” It will all serve to make Shepherd Market more popular with buyers, says Harvey Cyzer, head of Knight Frank’s Mayfair office. “There used to be a divide – you had mainstream central Mayfair, and then you had Shepherd Market,” he says. “I wouldn’t say they’ve quite merged, but there’s less of a split. “It’s noticeable that in Market Mews, for example, there are a lot of


redeveloped to house six flats with retail on the ground floor, and further new homes are planned in Yarmouth Place and Brick Street. The closed-down strip joint For Your Eyes Only on White Horse


Street, which was previously the Iceni nightclub, is also set to be rebuilt as five luxurious loft-style apartments, with a courtyard at the back and shops on the ground floor.


In addition, developer British Land is planning a “landmark mixed- used scheme” on Clarges Street, following its acquisition of the Clarges Estate this summer, with new offices and 63,000 sq ft of private homes. According to Lindsey Webb, an associate at Carter Jonas, the large-scale plans are a huge positive for the area. “The developments on Piccadilly and Clarges Street will have a knock-on effect on Shepherd Market,” she says. “It’s an excellent place to buy right now, because the developments in and around the area will give it a lot of mileage. It’s also one of the few places where you can purchase a property for a bit less than the normal going rate in Mayfair.” Historically, Shepherd Market has offered good value compared to


PROPERTY: Kate White


kate@pubbiz.com


the rest of Mayfair, agrees agent Peter Wetherell. “Last year we sold two flats in Shepherd Market for £1.75 million each, but we were selling comparable properties in other parts of Mayfair for nearly


properties that are being refurbished, and the mews has improved. We have seen values in buildings like Garrick House increase as well. “For a really nice product down there, you’re probably looking at £2,000 per sq ft now. By contrast, a flat we sold in Mount Street recently achieved £3,500 per sq ft. However, because more people are looking to live in the area, prices are starting to move. “The opening of 5 Hertford Street will attract many of the clientele who would normally frequent the restaurants and bars of central Mayfair to Shepherd Market. The area does have a terrific atmosphere, especially in the summer when you have lots of people eating outside.”


Mohamed Nurmohamed, a director of Chesterton Humberts,


agrees. “Shepherd Market attracts people who like some sort of vibrancy,” he says. “It appeals to the 35 to 55 age range, and to people who want a pied-à-terre. There are no large apartments there anyway, so families are, to a certain extent, excluded by default. “The investment that has gone into the area over the last few years has put Shepherd Market back on the map in a very respectable, colourful way, in contrast to its legacy. Certain people do have a prejudice against it because of that, but if you have your finger on the pulse you’ll know that it’s actually a very buzzy, vibrant area with a range of popular bars and restaurants.”


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82