The cost for one of London’s most pricey apartments will begin at £35million – with 600 megarich customers already securing a spot 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 lavish pads.
The cheapest apartment on offer is expected to be an eye-watering 35million – around 70 times the average cost of a house in the capital.
Due to complete in Spring 2026 the scheme will easily surpass London’s previous record breaker, the £1.3billion One Hyde Park development in Knightsbridge.
Caudwell told The Standard that there are already over 600 prospective buyers on a waiting list of billionaires and centi-millionaires who have expressed an interest in making a purchase at the scheme.
There will be just 24 ‘principal residences’ in the property including lateral apartments, penthouses and townhouses with up to five bedrooms, and five more smaller ‘pieds-à-terre’ apartments.
The size of the homes has not yet been disclosed but the developers say even the most modest property will start with a guide price exceeded by only a handful of mansions in London’s richest neighbourhoods.
The average price of all 29 units – which cover 300,000 sq ft – will be close to £70 million.
The cost of London’s most pricey apartments will begin at £35million – with 600 megarich customers already securing a spot on the waiting list. Pictured: A Computer generated image of the Mayfair development
Details of pricing at John Caudwell’s spectacular Mayfair development has now been revealed and only those with the deepest pockets can hope to afford one of the lavish pads. Pictured: The building’s topping out ceremony
The entry level 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 Nationwide house price survey for November.
The development’s basement is being dug down to 90ft below ground level to make room for a health spa with a 20 metre swimming pool as well as a car park.
The designs were led by New York based architect Robert Stern and practice RAMSA, with contractors, Mace, the construction managers and PJ Carey responsible for the creation of the basement substructure and superstructure.
Due to complete in Spring 2026 after a six years build the scheme will easily surpass London’s previous record breaker, the £1.3billion One Hyde Park development in Knightsbridge. Pictured: The ground floor at 1 Mayfair
Billionaire John Caudwell (pictured) is funding the scheme. He founded the mobile phones retailers Phones 4u
The size of the homes has not yet been disclosed but the developers say even the most modest property will start with a guide price exceeded by only a handful of mansions in London’s richest neighbourhoods. Pictured: A glamourous hallway within Mayfair 1
Caudwell – who founded the mobile phones retailers Phones 4u – attended the topping out of 1 Mayfair alongside senior members of the construction team.
The ceremony was marked by the final steel rafter, one of 79 at roof level, being put into place on the top of the nine-storey main apartment building.
No expense has been spared on the building’s interior and it will feature a ceiling with hand-painted frescos based on Michelangelo’s Map of the Heavens in the Vatican, a reception room with a double height ceiling and 18ft high French windows overlooking the garden.
There will also be a Palace of Versailles Hall of Mirrors-style crystal callery, created from over 1,264 hand-set pieces of cut glass, a library and a garden gallery, with seating areas opening directly onto the central courtyard garden.
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