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Mews values march on

With the capital’s small clutch of Mews properties continuing to grow in value and prestige, there’s one development that’s offering all the advantages of a mews home with some added luxuries.

Around this time last year, Sons & Co., the development firm behind luxury mews-style development Pinks Mews, wrote a piece in ‘Economia’ on the growing value premium commanded by mews property. The article noted that, according to Savills, the average value of a mews house in Prime London rose seven-fold, from £350,955 to £2,346,227, between 2005 and 2016.

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Sons & Co. put this extraordinary surge down to three key factors which make mews homes stand out in the eyes of buyers and investors. First, they are often located just off some of the finest and most famous streets in London, owing to their past lives as stable houses. Sons & Co.’s own project Pinks Mews is located beside the bustling commercial hub Chancery Lane.

Second – and rather surprisingly – very few mews properties are actually listed buildings (Pinks Mews is not either). This means a buyer can enjoy the best-of-both-worlds: a heritage-style building with the ability to be modified and upgraded far more easily than other period properties.

Third – and rather unsurprisingly – they are very, very rare. A 2015 survey estimated there are less than 500 mews left in London (many were demolished in the early 20th century), so to own one is to own a vestige of history – no small boast!

This phenomenon is no flash-in-the-pan either. Recent research from CBRE – published around a year after Savills put out its initial batch of mews research – confirms the key points: mews are rare and they’re in demand. According to CBRE, mews properties accounted for a mere 2.4% of Central London properties on the market last year. Mews for sale in the borough of Camden, where Pinks Mews is located, are particularly rare, with the property type accounting for a mere 1.9% of OTM homes in the area in 2017. Alongside this, mews home go for, on average, 33% more than the average across all properties in Central London (£1.1m).

CBRE reckons that it’s the two facts – scarcity and value premium – are closely linked, with CBRE Director James Burrows commenting:

“Many people appreciate the rarity factor that comes with a mews home, and in central London, mews homes are in seriously short supply.”

When it comes to value, Pinks Mews is top of the list. Moments from Chancery Lane station, and a short ride from there to Bank going east or Oxford Circus going west, the 35-unit scheme is the ideal combination of a characteristically great mews home and comfortable abode.

The site of Pinks Mews dates back to the fifteenth century, where it hosted a dyers factory that coloured, among other things, the red tailcoats of fox hunters. But Pinks Mews is thoroughly 21st Century when it comes to creature comforts: 24-hour concierge, balconied views and bespoke interiors all await a buyer lucky enough to snap up one of these rare icons.

Let’s give the final word to Sons & Co., CEO, and the brain behind Pinks, Alex Stocker:

“I think Pinks’ combination of strengths works particularly well in a borough such as Camden. Buyers here are looking for something different to a typical Mayfair or Knightsbridge offering. We’ve aimed to create a luxury experience but one that provides the three big draws of mews living – adaptability, location and rarity.”

 

Prices at Pinks Mews range from £995,000 to £2,750,000. For further information contact James Burrows at CBRE (020 7420 3054), Glen A. Cook at Hamilton Brooks (020 7606 8000) or visit the Pink Mews website to register your interest

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