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One Seven Five – May 2011

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One Seven Five – May 2011 OneSevenFive Marylebone – the village in the heart of the city Marylebone property market offers Peter York calls for action safe haven for investors on broken Financial journalist Richard Northedge House prices since the talks to Simon Hedley pavements of Marylebone estate fi nancial crisis have shown agent Druce about the the relative resilience of local property market, real estate Local resident, investment opportunities, newspaper banker’s bonuses and the current global columnist There are parts of the capital where even a turmoil. and author, respectable City bonus might not be enough to Peter York Where should the bankers and brokers buy a residential property, however. Belgravia of the City and Canary Wharf put their and Mayfair are superprime locations but has criticized bonuses? Back into the fi nancial markets on they come at superprime prices. Yet there the poor record which they already rely for their jobs, their are more affordable neighbourhoods nearby of Westminster Council in pensions, their share-options and those that are just as central and with equally fi ne replacing broken and protruding bonus payments? Not if they have learnt properties. Marylebone, north of Oxford Street, pavements in Marylebone. their own lessons about diversifi cation and is one adjacent area, but unlike some others spreading risk, says Simon Hedley, director it is not blighted by poorer-quality housing of the Druce property agency. “They need or lingering industrial uses. “It has the best of Commenting to OneSevenFive he an alternative home for their money, and we both worlds, with high-class living but also the said: “I am keen to start an awareness could all learn from their example” he says. village atmosphere,” says Hedley. “The area campaign about the appalling state can be compared to Mayfair, Knightsbridge of the pavements in and around Yet shares are volatile, interest on deposits and Belgravia in terms of the range and quality Montagu Square, which are in a is minimal and bond and gilt-edged stocks of accommodation available, yet at the same pretty bad state. Westminster Council prices will fall as interest rates rise. And time, Marylebone has ambience.” is failing in its duty to safeguard ‘alternative investments’ such as artworks, people walking in the area. Broken gold, antiques or stamps can be nice to look Historically this area was owned by major 10 Queen Anne Street and protruding paving stones are at but be just as risky as more mainstream family estates that maintained high becoming the norm and are a danger vehicles and usually pay no income - indeed it standards of design and construction and Boho-Chic,” says Simon Hedley. “Smart and to old and young alike”. often costs money to store and protect them. monitored the buildings’ usage. Simon refi ned at the same time, with its independent Baynham, property director of the Howard boutiques, garden squares, farmers’ market, It will come as no surprise to readers But there is one investment that provides a de Walden Estates, which owns 92 acres fashion outlets and high-end restaurants. that York, a well-known commentator steady income and is not directly linked to the there, says: “Marylebone, with its unique Marylebone High Street is dubbed a foodies’ about social style and social change is City markets on which the fi nanciers depend neighbourhood atmosphere, still represents paradise thanks to the array of organic and appalled that when the Council does for their earnings - Property. Fashions in other good value compared to some of the soulless global cuisine on offer from the excellent take action it is done on the cheap. investments come and go – remember dot. parts of Knightsbridge, Mayfair and Chelsea”. restaurants and food shops.” He points out that “the replacement com ventures, wine stocks and ostrich farms? of traditional paving stones in - But whether the economy is booming or But although almost exclusively housing There are schools too and Baynham is keen Gloucester Place and George Street slumping, people need somewhere to live. – unlike some central areas where the few to attract more families. But its central with ‘patio slabs’ has been done House prices since the fi nancial crisis have residents are squeezed between modern offi ce location puts it within walking distance of the piecemeal and it’s completely hideous shown the relative resilience of real estate: they blocks - Marylebone remains an ignored capital’s other attractions – from the green in a Georgian streetscape. The other fell, perhaps 20 per cent, but central London location for many Londoners, nevermind acres of Regent’s Park and Hyde Park or the ‘street furniture’ is bad enough – it values are now back above their 2007 peaks. investors. However, it is its village-like tourist destinations of Madame Tussaud’s. needs to be completely rethought” he Compared with most other investments that atmosphere that makes it so appealing to told OneSevenFive. constitute stability. those who live there. “Marylebone is more continued on page 2 Join the campaign There is an extensive section on road All shapes and sizes! policy on the Westminster Council website: www.westminster.gov.uk simply enter Marylebone pavement Mary Wilson takes a look at the were later used for carriages belonging policy in the search command. There history of mews. to the grand terraced houses built in the is also a section where you can make 17th and 18th centuries. Then from the comments on the state of pavements The word ‘mews’ comes from the French early 20th century, many were turned into in your location. ‘muer’, meaning to change and in garages – both commercial and residential, mediaeval times became the term used for with living accommodation over the Or, if you have an example of unlevel, falcons moulting. It was then adopted to top. Nowadays, many garages have been cracked or dangerous pavements in describe the buildings in which any birds incorporated into the houses to create your area of Marylebone send your used for falconry were kept. In 1377, the extra living space. comments and pictures to the editor King’s Mews were built near Charing Cross at: [email protected] and we (now the site of Trafalgar Square) to house will try to publish as many of your Richard II’s falcons and when this became comments as possible in the next issue. the royal stables in the 16th century, The word ‘mews’ comes the name was retained. The mews were from the French ‘muer’, demolished in 1760, moved to the grounds meaning to change of Buckingham Palace and the Royal Mews are still used as stables today. Win a £50 A widely held misconception of mews Over time, the uses for mews have changed houses is that they are small and dark. Vinoteca voucher dramatically. From birds of prey to four See page 11 Devonshire Mews South legged beasts with haylofts above, they continued on page 2 History Property Review Lifestyle Community OneSevenFive: page 4 page 6 page 8 page 9 page 12 published for Druce History at the Urban gardens Restaurant Portman Village Summer Fayre Marylebone heart of in the city review: joins the high Sunday residential property Marylebone landscape Vinoteca street 19th June consultants 2 OneSevenFive Marylebone property market offers All shapes and sizes! continued safe haven for investors continued Although this may be true of a few Mews houses come in all shapes and properties, a good number have been sizes from one or two bedroom cottages Hallam Street radically improved and extended making to stunning and expansive four to fi ve them as light and bright as any other bedrooms houses. Many have been extended London terraced house. Some mews still upwards – the only way to go and several have cobbled roads and usually provide a have been totally rebuilt. But all retain a close knit community, favoured by those certain charm with the most popular, and Properties in wanting a pied-a-terre or somewhere to therefore those which carry the highest west Marylebone keep their much loved, and often valuable, premium, being in the quieter cul-de-sacs. sold for £800 a vehicle. sq ft four years This sector of the property market in ago are now Marylebone has shown more growth than going for £1,300 A widely held misconception any other and any sizeable mews worth its salt will sell for several million pounds of mews houses is that they nowadays. Druce is marketing an un- are small and dark. modernised two bedroom mews house in Devonshire Mews West, which is due to be cobbled in the not too distant future The department stores of Oxford Street and offer great potential. Houses with gardens are In Marylebone, there are around 500 mews for £1.795 million. A little further down Bond Street’s shops are close by and the West on offer at 1,100 a sq ft and he says: “You can’t houses in 45 mews. Their more notorious the same mews, a very contemporary End theatres easily reached. Marylebone match that kind of value in east Marylebone. inhabitants include John Profumo, who four bedroom house with double height residents have the Wallace Collection East will continue to grow, but hot on its heels entertained Christine Keeler in Wimpole central atrium was sold last year with an pictures and Wigmore Hall’s concerts on their is going to be its up-and-coming neighbour.” Mews and a group of philanthropists, asking price of £4.35 million and a four doorsteps and a network of public transport who met regularly in Cato Street in the storey four bedroom house in Devonshire links to London’s other facilities.
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