Member Article

London’s oldest car park sparks bidding war

London’s oldest car park, in the iconic borough of Mayfair, is set to be put up for sale this week with several investors having already shown interest in developing the property into luxury flats.

Property experts believe that the half acre site on Carrington Street near Hyde Park Corner could be worth at least £500m when fully developed.

The property is one of the last brownfield “blank canvases” in Mayfair and holds great potential for developers looking to create homes with views across Green Park.

The Evening Standard suggests that development options include conversion into a casino, private members club and hotel complex or one of London’s largest boutique art galleries as well as new homes.

Peter Wetherell, chief executive of Mayfair agents Wetherell, said: “In the last 10 years Shepherds Market has undergone an incredible transformation. At its lowest point a decade ago it was a seedy sister to Soho, and a hangout for Park Lane prostitutes, run down cafes and plant hire shops. The flats that did exist were all tired and outdated and Shepherds Market is where the super-rich of North Mayfair housed their staff who couldn’t stay in the staff wing of their mansions. Now the location has been completely transformed.

“What we have seen on Mount Street further North in Mayfair is now being replicated in Shepherds Market. There’s a host of luxury residential development going on and residential values, retail rents and lettings values are all rising in the local area.”

Experts have suggested the property could attract £20 billion worth of bids from investors from countries around the world including Russia, Qatar, China, Saudi Arabia and America..

This was posted in Bdaily's Members' News section by Ellen Forster .