Ambassadorial Moves - Mid - August Comment
August is always a quiet month in Belgravia however the undercurrent suggests that there is still plenty of purchasing power in London and demand from abroad.
It seems that it is not only Belgravia that is seeing the property usage change from Embassy or commercial to residential but also the Mayfair market which has seen a recent resurgence of gentrification. Old offices are out and the demand for the designer residential, also known as “des-res”, is back.
With the impending move of the American Embassy from its current location in Grosvenor Square, Mayfair to its new development site in Battersea, it has been suggested that other Embassies will be following suit. The grand buildings of the past are no longer required and it would certainly make security an awful lot easier if the buildings were purpose built rather than conversions of period properties.
As with most cases, it is out with the old and in with the new; developers are poised with tools in hand to create new homes within Grosvenor Square and the immediate area beyond and such is the situation with the iconic American Naval headquarters in Grosvenor Square which is likely to become an all-singing-all-dancing apartment block. There is little doubt the prices will be heading for the stars!
After a sleepy few months, the winds have changed and there have been an infux of clients who have either returned early from their holidays or decided to act whilst those are away. Clearly one swallow does not make a summer but its looking better and one thing is for certain, Belgravia will always be Belgravia.