June 2015
RENTAL VALUES RISE AS IN-VOGUE MARYLEBONE BECOMES PRIME
CENTRAL LONDON’S RESIDENTIAL HOTSPOT
In the not so distant past, Marylebone was seen as the less desirable relative
of its coveted prime central neighbours Mayfair, Knightsbridge, Belgravia and
Chelsea, with rental values on average 40% cheaper. However, Pastor Real
Estate report that Marylebone is enjoying a strong revival as increased
demand and a number of new luxury developments and boutique restaurants
have seen rental values achieve 14 months of consistent growth.
Coveted by prime property purchasers, location is everything and Marylebone
provides one of prime central London’s best connected areas. Neighbouring
Mayfair to the south, Fitzrovia to the east, St. John’s Wood to the north and
Paddington to the West, as well as being within walking distance to Regent’s
Park, Oxford Street and Hyde Park, Marylebone has London’s finest areas on
its doorstep, whilst retaining a tranquility of peace and privacy within its
pockets of terraced streets.
Using residential data and local market knowledge Pastor Real Estate report
that rental values in Marylebone have increased by 11% in the previous 12months, whilst achieving gross yields of 3%. Given these factors, it’s no
surprise that there’s a healthy market for luxury apartments in Marylebone, of
the nearly 90 schemes currently in the development pipeline in Prime Central
London, 48% are set to complete in Marylebone.
According to Zoopla, the current average asking price for property in
Marylebone is £2,274,270, with the number of properties for sale being
around 550. For rental properties, the average monthly rental price is £3,981,
with nearly three thousand properties available.
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Susan Cohen, Head of Sales and Lettings at Pastor Real Estate,
commented: “Marylebone has had a renaissance of late, as chic luxury
restaurants such as Chiltern Firehouse have seen global celebrities and
dignitaries frequent the area, which in turn has attracted a host of people that
want to live amidst the hub of activity.
“Where Chiltern Firehouse has certainly played its part in the increase in
rental values in Marylebone, the rise is also down to the number of high-end
schemes in the pipeline, such as The Chilterns, that will inevitably attract a
number of high-profile buyers. The area itself is also incredibly wellconnected, within walking distance to Oxford Street and Hyde Park, the
Jubilee Line service from Baker Street station can take residents to Canary
Wharf in under 20 minutes.”
Chiltern Street, just a few hundred yards from Baker Street station, is now
challenging Mayfair’s Mount Street as being one of London’s most
fashionable thoroughfares. Home to the now well-established Chiltern
Firehouse, which exclusively hosted the Tom Ford London Collections launch
event in January 2015, plus fashionable shops such as Cire Trudon, as well
as boutique cafes and art houses, the street is a regular haunt of London’s
fashionable set.
Making Marylebone even more tempting for wealthy residents is the fact that it
contains several excellent Primary and independent Secondary schools, as
well as two schools for performing arts. The University of Westminster and
Regent’s College are also based in the area, bringing with them families and
relatives that prefer to stay close to visiting pupils. But it’s not just families who
are being drawn to Marylebone. It’s increasingly popular with city-based
professionals in the financial and legal sectors choosing high-spec apartments
with lateral layouts, looking to take advantage of the Jubilee Line connection.
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A further appeal for families is the bustling Marylebone High Street, which
offers a true village atmosphere, with it’s plaza of classic independent and
well-known outlets. Most notably, The High Street is home to the renowned
Daunt Books an original Edwardian bookshop with long oak galleries and
graceful skylights, popular with pupils and academics that frequent the
numerous schools in the area. The village ambience along Marylebone High
Street has long been attractive to families that reside in the area and also
those who come from other regions of the city.
Appealing to both national and international residents, Marylebone provides
an array of classic mansion blocks, benefitting from concierge services and
underground parking as well as some wonderfully elegant private homes,
some set around pristine garden squares, including Bryanston Square,
Montagu Square and Portman Square.
As with the growing trend in Mayfair, Knightsbridge and Belgravia, new-build
properties in Marylebone are (growing) increasing in size. Recently revealed
in the latest Pastor Real Estate development report, within all schemes at the
application stage in these boroughs, there is at least one two-bedroom unit,
with 71% of schemes featuring at least one three-bedroom unit.
The size of apartments is also growing (as well), with the average size of a
studio apartment at application stage measuring 763 sq. ft. compared to 543
sq. ft. under construction, providing more space for residents looking to raise
a family in prime central London.
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Pastor Real Estate has a number of properties on the market in Marylebone
available to let, including a well-presented one-bedroom apartment on
Paddington Street, comprising; reception room, fully fitted open plan kitchen
and dining area, large double bedroom with built in storage and luxury modern
bathroom. The apartment, with wood flooring throughout is available to let at
£525 per week.
Also available to let on Paddington Street at £1350 per week is a recently
refurbished four bedroom apartment featuring architectural design elements
throughout. Arranged over two floors this loft style apartment benefits from an
open plan reception room with fully fitted high specification kitchen, a large
master suite with walk-in dressing area and a luxurious master bathroom. On
the top floor there are three further double bedrooms and two further
bathrooms, one of which is en suite.
Available exclusively through Pastor Real Estate is a selection of homes
currently available to let within a smart development on Marylebone Lane,
which leads directly onto Oxford Street. Pastor Real Estate is the sole agent
for 23 properties within the development, with each expertly interior designed
providing sleek modern interiors.
At present, four apartments are on the market; one unique 631 sq. ft. studio
apartment, available to let at £475 per week with a large private terrace and
a one-bedroom apartment extending to 505 sq. ft., available at £550 per
week. The remaining two apartments include one two-bedroom 883 sq. ft.
home available to let at £825 per week, as well as a 972 sq. ft. two-bedroom
apartment available at £875 per week.
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Each apartment has comfort cooling/heating, wood flooring to the hallways
and reception areas, with carpets to the bedrooms. The kitchens are well
equipped and each home has a fully fitted separate kitchen and spacious
terraces.
In popular Blandford Street, just off Marylebone High Street is a luxurious
modern development of apartments with private underground parking, which
is a major bonus for central London. Pastor are offering for rental a stunning
interior designed two bedroom apartment at £925 per week, extending to 874
sq ft, on the third floor of the development comprising, hallway, spacious
reception room with high tech open plan kitchen, master bedroom with built in
storage and en-suite bathroom, double bedroom and bathroom. Other
benefits include comfort cooling, wood flooring to reception and hallway, fully
tiled bathrooms and concierge service.
For further information on properties available through Pastor Real Estate, or
to book a viewing, contact 020 3195 9595, visit: www.pastor-realestate.com or
visit the team at: 48 Curzon Street, Mayfair, London, W1J 7UL.
-Ends-
For further press information please contact Lawrie Cornish:
Adam Foster
E adam@lawriecornish.com
T +44 (0)20 7935 4084
Notes to editors:
Pastor Real Estate
Based in the heart of Mayfair, Pastor Real Estate provides a range of
professional real estate related services for discerning clients:
Services offered include:

Estate Agency: sales, purchase and lettings

Property Management

Architecture – planning, design and development

Investment

Project Management

Consultancy

Commercial property – office space
Pastor Real Estate deliver services with precise attention to detail and the
greatest attention to customer care. The ability to provide such a
comprehensive and integrated range of property services singles out Pastor
Real Estate in Mayfair, and prime central London, as a truly exceptional and
specialist property company.
Pastor Real Estate, through the Monaco based J. B. Pastor & Fils has over
four generations of experience and expertise in property development and
management.
Pastor Real Estate operates across prime central London, with particular
focus on Mayfair, Marylebone, Knightsbridge, Belgravia, Kensington, Chelsea
and Fitzrovia.
Pastor Real Estate Ltd
48 Curzon Street
London
W1J 7UL
Tel: +44 (0)20 3195 9595
Fax: +44 (0)20 3195 9596
www.pastor-realestate.com
Pastor Group
The founding company, J.B. Pastor & Fils began more than four
generations ago, at the beginning of the 1920’s in construction, in the
principality of Monaco and was established by Jean-Baptiste Pastor.
The Pastor group now has a diverse portfolio of business interests
including construction, estate agency, property, rental management
and specialist insurance services.
The main companies in the group are:
J.B. Pastor & Fils
Pastor Immobilier
Pastor Real Estate
Groupe Pastor
Suisscourtage Assurances
Only Exclusive Insurance