New homes and developments in Marylebone! Let`s check out the 2 and 3 bedroom properties in these new-builds, how much are they currently available for and what sort of square footages should we be expecting?

Date Published 25 July 2016

Recently, I have been receiving a number of enquires orientating around the ‘new home` market and the new developments that have freshly been built to encompass them. One memorable instance of such an enquiry, was made by an investor who although mainly conducts his trade within the borders of Mayfair and Belgravia, he is now being actively drawn to Marylebone following the completion of some illustrious new builds in the area. This investor was particularly interested in the new developments around Chiltern Street, such as the ‘Chiltern Place` tower block, as well as the new development simply named ‘The Chilterns` (W1U); there has been perpetual talk surrounding these luxurious developments even before they were built, so it didn`t surprise me in the slightest when informed of more interest from this particular investor too. Along with these two familiarly spoken about new developments, other new building projects have also made their debuts lately such as: ‘The Mansion` (W1G) and ‘The Park Crescent` (W1B) in near Marylebone, which I also recommended to my client. So to brief you all a little more about these 4 new developments, starting with ‘The Chilterns` (W1U), this luxurious new block by Galliard Homes resides on Chiltern Street and it comes equipped with 44 stunning apartments, ranging from 1,2 and 3 bedroom properties - which encompass some of the finest interiors you will see. The display of the different vertical colours, and the designs on the exterior of the building, represents music records resting on shelves; this architectural colour scheme was inspired by the Beatles` legendary Apple boutique, which was situated a few doors down from this new development. As for the ‘Chiltern Place` (W1U) housing project by Mace and Ronson Capital Partners, which is also located along Chiltern Street, this development has yet to be completed and work is due to finish by 2017; the main structure was completed last month and additional concentration has now shifted to the interior apartments.

Nonetheless, this hasn`t stopped new buyers from already purchasing properties here with many of the 1,2,3 and even 4 bedroom apartments already sold (over 50%), and a selection of others are expecting buyers soon. Leaning over to W1G then, ‘The Mansion` new development situated on 9 Marylebone Lane is an estimated £27 million project, which is due for completion in 2017 and will house 27 luxury 1-3 bedroom apartments; it will comprise of lower ground, ground, and seven upper floors, along with two basement levels. Developed by Clivedale, this exciting residential building will include an array of lavish features such as: a 25 metre swimming pool, Spa, Gym, a Bentley Chauffeur service, private gardens, Valet Parking, and a 24 hour 5 star concierge. Regarding the fourth of my chosen new developments, ‘The Park Crescent` (W1B), which is situated on the furthest North-east part of Marylebone and enters the Regent`s Park area, this building was acquired by Amazon Property, from The Great Capital Partnership, for £47 million in 2013. The redevelopment works conducted by the new owners finished by 2015 and the end product consisted of a massive collection of stunning 1, 2, 3 and 4 bedroom apartments – finished to the highest of standards. Well to return to the task at hand, in order to uncover more information about the finances involved in securing a potential investment in any of these new builds, I will be comparing these four new property developments against one another, using 2 and 3 bedroom ‘new homes` as my points of concentration. To start with, I will be analysing the asking prices of all currently available new homes in each of these developments, where I will resultantly generate a price range from the cheapest to the most expensive properties (unless there is only one property available there at present), followed by an average asking value for both 2 and 3 bedroom apartments in the specified development. Next up, I shall be exploring the square footages available inside the different apartments, and producing a square footage range from the smallest to the largest properties currently on display – followed by a square footage average. Finally, I will be bringing together my average property value results with my average square footage findings for each new development, where I will calculate an estimated price per square foot for each specific new build – for both 2 and 3 bedroom homes.

Investing in new property developments in Marylebone:

The Mansion, 9 Marylebone Lane (W1G):

2 Bedroom Properties for Sale: Current Price Range: (£3,650,000 - £5,200,000) - Average Property Value: £4,425,000 – Square Footage Range: (1,160 – 1,676 sq ft) – Average Square Footage: 1,418 sq ft – Market Price per Square Foot = £3,120.59
3 Bedroom Properties for Sale: Current Price Range: (£6,825,000 - £7,300,000) - Average Property Value: £7,062,500 – Square Footage Range: (2,200 – 2,596 sq ft) – Average Square Footage: 2,398 sq ft – Market Price per Square Foot = £2,945.16

The Chilterns (W1U):

2 Bedroom Properties for Sale: Current Price Range: (One property currently available at £3,800,000) - Average Property Value: £3,800,000 – Square Footage Range: 1,213 sq ft – Average Square Footage: 1,213 sq ft – Market Price per Square Foot = £3,132.72
3 Bedroom Properties for Sale: Current Price Range: (£7,700,000 - £7,950,000) - Average Property Value: £7,825,000 – Square Footage Range: (2,550 – 2,678 sq ft) – Average Square Footage: 2,614 sq ft – Market Price per Square Foot = £2,993.49

The Park Crescent (W1B):

2 Bedroom Properties for Sale: Current Price Range: (£3,600,000 - £3,950,000) - Average Property Value: £3,775,000 – Square Footage Range: (1,355 - 1,424 sq ft) – Average Square Footage: 1,390 sq ft – Market Price per Square Foot = £2,715.82
3 Bedroom Properties for Sale: Current Price Range: (One property currently available at £5,500,000) - Average Property Value: £5,500,000 – Square Footage Range: 2,040 sq ft – Average Square Footage: 2,040 sq ft – Market Price per Square Foot = £2,696.07

Chiltern Place (W1U):
2 Bedroom Properties for Sale: Current Price Range: (£4,300,000 - £4,500,000) - Average Property Value: £4,400,000 – Square Footage Range: (1,186 – 1,250 sq ft) – Average Square Footage: 1,218 sq ft – Market Price per Square Foot = £3,612.47
3 Bedroom Properties for Sale: Current Price Range: (£7,800,000 - £7,900,000) - Average Property Value: £7,850,000 – Square Footage Range: (2,240 - 2,312 sq ft) – Average Square Footage: 2,276 sq ft – Market Price per Square Foot = £3,449.03

To analyse these figures then, we can see from the limited amount of new homes available in each of our four property developments, that new homes in Marylebone are extremely popular and are acquired by investors fairly quickly. Jumping onto the asking prices, across our four newly developed buildings, the average asking price for 2 bedroom properties comes to £4,100,000, which is significantly increased to £7,059,375 for the larger 3 bedroom ‘new homes`. Although we should consider the low portion of ‘new homes` available, the most expensive property prices are certainly shown to be in Chiltern Place (W1U), with prices for both 2 and 3 bedroom homes costing the most here. These prices are certainly way above Marylebone`s (and even Central London as a whole) average asking prices, which shows just how financially lucrative the ‘new homes` market currently is and just how much demand there is for them; for as the supply is relatively low with new developments sporadically being built, property prices are heightened to reflect this. In comparison, the most cost-effective ‘new homes` (for both 2 and 3 bedroom properties) are situated within ‘The Park Crescent` (W1B) development, where properties are significantly cheaper here, most likely because of its distance away from the heart of Marylebone, which has caused it to lose some of its premium pricing. Moving onto square footages, Marylebone`s average square footages across all our available ‘new homes` stands at an estimated 1,309.75 sq ft for 2 bedroom residences, and at 2,332 sq ft for 3 bedroom properties. The new development which currently bestows its available properties with the most square feet is, ‘The Mansion` (W1G) - for both 2 and 3 bedroom properties; conversely ‘The Chilterns` (W1U) is shown to have the smallest-sized 2 bedroom properties, and ‘The Park Crescent` development likewise furnishes the least amount of square feet for its 3 bedroom homes. Finally to bring together our two main investment indicators: average property prices and average square feet measurements, Marylebone as a whole currently offers us an average market price of £3,145.40 per square foot for its available 2 bedroom ‘new homes`. However, and perhaps surprisingly, 3 bedroom properties are currently a much more economical prospect, with an average market price of £3,020.93 per square foot; presently it really does look like ‘new homes` featuring 3 bedrooms are the more-value-for-money option! To magnify these figures, ‘The Park Crescent` development currently offers us the best combination of property prices and square footage measurements for both 2 and 3 bedroom properties; whereas ‘Chiltern Place` expresses the most expensive blend, with the average market price per square foot the highest here for the same property types. Although ‘new homes` located in ‘The Park Crescent` appear to be the most attractive investment choice at the moment, we must bear in mind that it is nonetheless the furthest away from the more premium-priced central Marylebone area; it is also technically the least ‘new` of the four developments, with mostly redevelopments taking place - rather than a whole new structure being built, thus the other three property developments naturally command higher prices. In addition, as these measurements were based on a relatively low property pool, it is even more necessary to keep these figures predominantly as a guide, for as other ‘new homes` become available in the market, good investment deals could certainly arise across all of these new developments.

If you are interested in hearing more about new property developments in Marylebone or have any specific ‘new homes` you`d like to discuss, then don`t hesitate to get in touch with me. New builds in Marylebone are not only a very appealing subject, but they also shed a refreshing look on an area predominantly known for its history, period buildings and traditional attractions, so to hear any new views on this change in the market would be a pleasure indeed.