Abu Dhabi businessman secures Mayfair penthouse in £30m deal

Three properties included in transaction, one of which will be used by staff

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A Mayfair penthouse has been bought by a businessman from Abu Dhabi in a deal worth £30.45 million.

The anonymous buyer purchased three properties in Greybrook House, a Grade II listed Art Deco-style building in Brook Street to use as a base when he is in London.

They include a 5,818 sq ft duplex penthouse with roof garden that features a view of Claridge's Hotel; a neighbouring three-bedroom 2,700 sq ft property; and a third flat, which will be used as staff quarters.

Located between Claridge’s and Bonhams, the six-storey Art Deco building was built in 1929.

It was for decades the headquarters and showroom of Bechstein, once the largest producer of pianos in London, before being used as offices from the 1980s until it was split into four apartments in 2018.

The deal was one of the largest apartment transactions in Mayfair in 2023, according to Beauchamp Estates, the super-prime estate agent which sold the properties.

According to a recent report from Beauchamp, twice as many super-prime properties in London were sold than in 2022, generating combined sales of more than £450 million ($569.58 million) – quadruple the equivalent value of £123 million in 2022.

More than two thirds, or 70 per cent, of the homes valued at more than £10 million that have sold in Mayfair during 2023 have been large apartments, at 5,447 sq ft in size and £21 million on average.

The average value and size of house sold in Mayfair was £25.5 million and 10,976 sq ft respectively, significantly up on 2022, when the figures were £14.5 million and 5,272 sq ft respectively.

“The Greybrook House deal underlines how strong the Mayfair super-prime housing market has been during the last 12 months,” said Gary Hersham, founding director of Beauchamp Estates.

“Mayfair is currently the most sought-after address in prime central London for wealthy home buyers from around the world.”

People from Abu Dhabi and Saudi Arabia have been the biggest purchasers of property in Mayfair this year, followed by buyers from the US and India.

Yahya Swallem, senior sales consultant at Beauchamp Estates who made the sale, says: “The £10 million-plus deals landscape in Mayfair has been dominated by American, Indian and Middle East buyers who have chosen to invest in London’s very best residential real estate, which is a proven safe haven and stable asset class.

“Mayfair is seen as the address of choice for global capital and remains arguably the most desirable location in Europe for multimillionaires and billionaires to buy or rent a home and spend their time.”

Updated: December 21, 2023, 7:23 AM