Mayfair sales fall as long-term owners hang on to their property

The Crown Estate — which runs the Queen’s property empire — is among a cluster of London landlords which have hoisted a “not for sale” sign over the bulk of buildings in Mayfair, according to new research.

The highly concentrated ownership of the West End’s most-affluent parts means less than a third of property is likely to be tradable, agent GVA warned.

It said The Crown Estate is one of a handful of landlords such as Grosvenor as well as international parties that accounted for most of the £17.7 billion spent in Mayfair and St James’s over the last decade.

Most will hold onto properties for generations, attracted to secure income, rising rents and redevelopment potential.

“These investors are likely to ‘lock away’ their assets, diminishing potential commercial investment supply,” said Justin James, senior West End director at GVA.

As a result, just 91 of 251 buildings over 20,000 square feet are potentially tradable.