students renting in mayfair

Term time is about to begin at London’s universities, and whilethousands of students prepare to settle into grotty halls of residence,others have different ideas.

According to estate agents, some students are eschewinguniversity accommodation to move to Mayfair, snapping up swankyapartments to rent for thousands of pounds a week in the capital’smost exclusive district.

“July through to October is silly season for students,” says GuyBradshaw, head of lettings at Savills. Last year he rented a Mayfair flatfor £3,000 a week to an 18-year-old with his own driver and chef.

Another student took an apartment in the Candy brothers’exclusive development at One Hyde Park, where rents have beenknown to hit an eye-watering £40,000 a week.

“Regent’s College is the main provider of our wealthy students, aswell as the London College of Fashion,” says Bradshaw. “They tendto start taking places during the late summer, throughout Septemberand up until the beginning of October.

“One hundred per cent of the students we deal with are fromoverseas. Middle Eastern students are hugely dominant, and we tendto see Italian, Indian and Far Eastern students too.”

Parents often come over to look for flats on behalf of theirchildren. “They simply want the best for their kids, and for that reasonthey’re happy to spend money on them,” says Bradshaw.

“They will rent apartments from £400 a week going up to £3,000.Because they’re foreign students, they actually have to pay the rent inadvance. So if an apartment’s being rented for £1,000 a week, theywill have to pay a £52,000 deposit up front.”

When it comes to finding accommodation, students and theirparents are looking for “the best”, says Bradshaw. “The ones with bigbudgets are very picky. They’re looking for contemporary décor, state-of-the-art technology, TVs, air-con and so on.”

Kate Townrow, head of Mayfair lettings at Knight Frank, also dealswith students. “There is definitely a student market in Mayfair, which isquite surprising really,” she says.

“Predominantly they’re looking to spend between £500 and £800a week. I’ve found that very rich Middle Eastern students like being inthis area, and they have been known to rent apartments for between£4,000 and £6,000 a week.”

The appeal of Mayfair lies partly in its reputation for luxury, saysTownrow. “International applicants have a large appetite for the shopsand cultural destinations of London.

“Mayfair caters for that – it’s synonymous with luxury. The AsiaPacific, Middle Eastern and Russian markets are very centred onluxury brands. Bond Street is a pull for them, and they like being nearto the clubs and bars of the West End.”

For these students, halls are out of the question, she says. “Thesestudents are not into living in halls of residence. They want clean,neutral, modern apartments, and security is important too, particularlyto the Asia Pacific market.”

Shirley Humphrey, director of Harrods Estates, agrees. “Studentsusually like modern flats with equal-sized bedrooms in portered andsecure buildings. They normally choose Mayfair because it is a centraland safe location.

“Frequently, they are familiar with the area, as parents or otherfamily members have had property in Mayfair for years and they mayhave grown up here, visited or stayed here while in London.”

Giles Hannah, managing director of VanHan, a luxury centralLondon residential agency, also says that security is a big factor.“Being near to the American Embassy is a good thing for a lot ofparents of overseas students, because there’s a lot of security andpolice around, and they feel their children are safe,” he says.

“Many students from Hong Kong and Singapore are looking torent in Mayfair, and the other nationality I’ve noticed is Canadians.The reason for that is the strong prices of gold and minerals andmining. A lot of them are Canadian-owned companies, so we’reseeing quite an influx of Canadian money into the area.”

Sending their children to study in London can also attract parentsto purchase properties. “Parents are buying properties in Mayfair asinvestments,” says Hannah. “Their children go and study in London

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MAYFAIR HAS BECOME A POPULAR HOMEFOR WEALTHY OVERSEAS STUDENTSLOOKING FOR SOMEWHERE SAFE,CENTRAL AND CHIC WHILE THEY LEARNIN LONDON. KATE WHITE REPORTS

the parents come over and stay.” Hugh Wade Jones, founder of high-end mortgage broker Enness

Private Clients, has also seen overseas parents buying Mayfairproperties for their children.

“We’re usually unaware that a client is buying a property for theirchildren, but it becomes apparent very quickly,” he says.

“At the moment we’ve got a Russian guy and a Nigerian guybuying places in Mayfair to do exactly that. Their children studyinghere provides a good reason for the parent to invest in Londonproperty.

“When they’re overseas it’s very hard to manage a buy-to-letproperty, or keep tabs on it, or redecorate or sign new contracts.However, if they have their son or daughter in university here itprovides that immediate link in.”

Wade Jones has dealt with parents seeking all kinds of properties.“Everything from a two-bed flat for around the £1 million to £2 millionmark, to kids with staff and housekeepers looking for a really uber-expensive town house.”

Now, imagine the student house parties you could have in that.

and live in the flat or house, and once they’ve finished their studies,the parents rent the properties out.”

When looking for a place to buy, serviced apartments are often apopular choice, he says. “They like the whole concept of being ableto lock up and leave something. They also like to live somewherethat’s small and manageable.

“The students like good transport links and being close by all theshops and bars, while the parents like the idea of their children livingin an internationally-recognised address.”

Emma Innes Williams, lettings manager at Wetherell, says shesees students looking to rent for anything from £450 to £4,000 aweek. “We’ve got a Mexican student renting on Mount Street at themoment, but he would consider places for up to £3,000 or £4,000even,” she says.

Students tend to go for mid-sized, one-bedroom apartments,adds Innes Williams, and if the property is a one-bed, luckily Mayfairhas a multitude of luxury hotels for when parents come to visit.

“All the big five-star hotels, like The Connaught, The Dorchesterand Claridge’s are nearby,” says Hannah, “which is great for when

CLOCKWISE, FROM TOP RIGHT:

THE COOL DÉCOR OF THIS FLAT IN

AVENFIELD HOUSE, PARK LANE, WAS

PROBABLY WHAT ATTRACTED AN

OMANI STUDENT TO RENT IT FOR £725

A WEEK FROM WETHERELL (020 7529

5566).

FOR STUDENTS WITH CASH TO

SPLASH, THIS SPACIOUS APARTMENT

ON ST ANSELM’S PLACE IS IDEAL. SET

OVER TWO FLOORS, IT HAS THREE

EN SUITE BEDROOMS FOR FRIENDS TO

STAY OVER. £2,700 A WEEK WITH

SAVILLS (020 7578 5100).

A RUSSIAN STUDENT MOVED INTO

THIS FUNKY MADDOX STREET

APARTMENT LAST YEAR, WHICH WAS

TO LET FOR £550 A WEEK. THE

AGENT WAS KNIGHT FRANK (020

7499 1012).

THIS TWO-BEDROOM FLAT IN

CARRINGTON HOUSE, IN THE HEART

OF HISTORIC SHEPHERD MARKET,

HAS A 24-HOUR CONCIERGE AND A

SLEEK KITCHEN FOR ENTERTAINING

FRIENDS. IT IS ON THE MARKET FOR

£900 A WEEK WITH HARRODS

ESTATES (020 7409 9001).

PROPERTY: Kate White kate@pubbiz.com