BUILDING SURGE PUSHES MARYLEBONE TO TOP OF EXPAT LIST

A surge in high-end development and a wide range of home styles has taken Marylebone to the top of the London list for international buyers.

The area has been transformed by the wave more than 450 new homes – with Marylebone joining the adjacent Mayfair as one of London’s most highly sought after addresses – according to a recent report from Beauchamp Estates.

The data reveals newly refurbished homes in Marylebone typically sell for £1.5 million, up from £1.4 million in 2013, achieving an average of £1,581 per square foot.

This wave of new residential development has largely taken place in four locations; Chiltern Street, Marylebone High Street, the edge of Regent’s Park and the border with Fitzrovia. The new homes predominantly sell to British and continental European buyers, with newly renovated homes also appealing to Middle Eastern purchasers.

The report from Beauchamp also reveals new homes typically achieve £2,000 to £2,500 per square foot - a significant price premium - and in the last two years a new ultra-prime sector has emerged at top end of the Marylebone residential market.

This new market consists of a collection of highly exclusive, luxury residential developments, with hotel style concierge and leisure facilities, which command values of £3,000 to £3,500 per square foot.

“Marylebone has become one of London’s most fashionable neighbourhoods, mixing beautiful period architecture with stunning new developments,” says Gary Hersham, managing director of Beauchamp Estates.

“The new homes market in Marylebone has developed since 2011, with the ultra-prime luxury sector only emerging recently in the last two years. The growth and success of the new developments market has enabled Marylebone resi-value growth to outperform both Mayfair and prime central London overall over the last five years.”

Ongoing development looks set to continue and in 2018 rail and underground connections for Marylebone will increase with the opening of the new Elizabeth Line (Cross Rail) stop at Bond Street in December.

Marylebone High Street and Chiltern Street in particular have seen an influx of fashionable new clothing boutiques, smart cafes, the new BXR Gym, whose members include sporting icon Anthony Joshua, and the new 5-star Chiltern Firehouse Hotel and restaurant, which is popular with A-list celebrities.

Co-director Richard Douglas adds: “Over the next 14 months a series of new developments will be coming on-stream around the High Street, by Regent’s Park and on the border with Fitzrovia.”