The cost of one of London’s most expensive apartments will start at £35 million, and 600 mega-rich clients have already secured a place on the waiting list.
Pricing details of billionaire John Caudwell’s spectacular 1 Mayfair development have now been revealed and only those with the deepest pockets can hope to afford one of the luxury homes.
The cheapest apartment on offer is expected to cost £35 million, around 70 times the average cost of a house in the capital.
The project, due to be completed in spring 2026, will easily surpass London’s previous record, the £1.3bn One Hyde Park development in Knightsbridge.
Caudwell said The standard that there are already more than 600 potential buyers on a waiting list of multimillionaires and centimillionaires who have expressed interest in making a purchase in the plan.
There will be just 24 “main residences” on the property, including side apartments, penthouses and townhouses with up to five bedrooms, and five smaller “pieds-à-terre” apartments.
The size of the homes has not yet been revealed, but developers say even the most modest properties will start with a guide price surpassed only by a handful of mansions in London’s wealthiest neighborhoods.
The average price of the 29 units, covering 300,000 sq ft, will be close to £70m.
The cost of London’s most expensive apartments will start at £35 million, and 600 mega-rich clients have already secured a place on the waiting list. Pictured: A computer-generated image of the Mayfair development.
Pricing details of John Caudwell’s spectacular Mayfair development have now been revealed and only those with the deepest pockets can hope to afford one of the luxury homes. In the photo: building completion ceremony.
The asking price of £35 million is 70 times the average London property value of around £500,000, and 130 times the national average price of £268,000 revealed in today’s November national house price survey.
The complex’s basement is being excavated up to 90 feet below ground level to make room for a spa with a 20-meter pool and parking.
Designs were led by New York-based architect Robert Stern and studio RAMSA, with contractors Mace, construction managers and PJ Carey responsible for creating the basement substructure and superstructure.
The scheme, which will be completed in spring 2026 after six years of construction, will easily surpass London’s previous record, the £1.3bn One Hyde Park development in Knightsbridge. Pictured: the ground floor of 1 Mayfair.
Billionaire John Caudwell (pictured) is funding the plan. He founded the mobile phone retailer Phones 4u.
The size of the homes has not yet been revealed, but developers say even the most modest properties will start with a guide price surpassed only by a handful of mansions in London’s wealthiest neighborhoods. Pictured: A glamorous hallway inside Mayfair 1
Caudwell, founder of mobile phone retailer Phones 4u, attended the opening of 1 Mayfair alongside senior members of the construction team.
The ceremony was marked by the placement of the final steel beam, one of 79 at roof level, atop the nine-story main apartment building.
No expense has been spared on the interior of the building and it will feature a hand-painted frescoed ceiling based on Michelangelo’s Map of the Heavens in the Vatican, a reception room with a double-height ceiling and French windows. 18 feet high with garden views.
There will also be a Palace of Versailles Hall of Mirrors-style glass gallery, created from more than 1,264 pieces of hand-crafted cut glass, a library and a garden gallery, with seating areas opening directly onto the garden of the central patio.