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11 What are some of the key findings of the report Our report shows that where the West End was once dominated by shops and offices it is now being transformed into a residential quarter as booming house prices are driving office-to-resi conversions. Over the last 10 years 1579 new private-sale homes have been built within the West End with Marylebone and Mayfair being the top two locations for the most development. What types of developments have been undertaken West End residential developments divide into three clear types of multi- unit scheme 200 unit mixed-use developments 20-80 unit residential developments with hotel-style concierge and amenities and niche schemes of 2-12 units. What impact has this new development had on residential values across the West End In the six districts that comprise the West End residential values have risen by 30-60 since 2007. Residential values have risen so dramatically that the development of just one new home in the West End average price 1.18 million is the price equivalent of developing five or six new homes average price 161793 outside of the capital. Calculated on current pound per square foot values one million pounds will now buy a purchaser a small one bedroom flat in Mayfair. In contrast it will provide a two bedroom flat in Fitzrovia or Soho and a large two or three bedroom apartment in Tyburnia. So where are the opportunities for developers and investors to buy sites in the West End and unlock value It all depends on what type of development and product they wish to create. If they want to create a super-prime product then Mayfair and St Jamess in particular the border areas are where they should look. If they want to create a premium product aimed at a wider market then the long overlooked districts of Tyburnia Soho and Fitzrovia are where they should look for opportunities. In Soho values have risen by only 27 since 2007 and average 1147 per sq ft. Fitzrovia is similar and here values average 926735 for a two bedroom flat with potential price growth of 66 over the next four years. Tyburnia is the West Ends most undervalued district where values average just 894464 for a two bedroom flat just 976 per sq ft and provides developers and investors with an excellent opportunity to invest and realize capital value growth. It is striking that the Sultan of Brunei has just acquired a huge chunk of real estate directly adjacent to the Tyburnia estate. So do you think that residential development will continue in the West End This much depends on the political arena. Currently there is much political debate at a London and national level on whether this should be allowed to continue. I believe that a combination of residential and commercial property in the West End creates a vibrant and attractive destination. Commercial on its own lessens the vibrancy of a location whilst a location that is just residential doesnt attract enough outside visitors and inward investment. Its a balance that is needed. In Mayfair alone some 250 former offices have been converted back into homes and there are over 200 new private homes with permission for development with circa 50 currently under construction. The development pipeline in Marylebone is similar. Marylebone has some 300 new homes with planning permission and circa 50 under construction. Finally what do you feel the overall implications of this residential emergence in the West End are for the wider Prime Central London property market Over the last 30 years West End values have been beaten by Knightsbridge and Belgravia due to the lack of new stock providing less opportunity for super-prime pads and higher values. The tide is now turning and we are seeing the biggest step change in the West End since the 1920s nearly a century ago when mansions were torn down new offices built and homes converted into commercial premises. As our report shows the West End is becoming a residential brand address and looks set for another significant price uplift. For a copy of the new West End Residential Developments Report contact Wetherell on 020 7493 6935 or visit www.wetherell.co.uk