Shoebox in super central London

[JustgoawayT]

eg Mayfair. I wondered whether anyone has done this and how you found it. We would be looking at about 50sqm for a small one bed pied a terre (kids have left home, we are about to retire). I'd always assumed this area would be over budget but it may not be given how much things are falling.

Very grateful for any views. Priority is being able to walk everywhere so proximity to theatres, galleries etc is key.

What is your budget?

And where are you normally located / how would you travel in?

I know lots of older people with a set up like this, usually a flat they used when working in London, but have now kept for the reasons you describe.

My scepticism with a flat of this size in central would be it being inevitably leasehold and all the potential issues and costs that will bring.

Bare in your mind that these are hard to sell - so go in low on an offer if you find one suitable to you.

50sqm is quite generous. I have been living in a 39sqm 1 bed on the outskirts of a nice city but have found it quite hard and the worst of both worlds being not very central and requiring a bike to get into town and shops while also being very cramped and having to have a 'one in one out' policy. I have probably about 50 items of clothing total and still feel like a hoarder.

The centrality should cancel out the smaller space. I think 50sqm is quite doable! Are you renting or buying?

Check affordability of capital cost against Ground Rent, Maintenance Charges (and T&C around increases) and lease length.

Also check Council Tax levels !

But living in a well appointed, well laid out flat in C London would be a dream for me!

Also, I would look for a block that has actual residents. I have a relative who lives in a v Central mews and over the years it had become more and more AirBnB and short term lets to international employees

I lived (full time) in a flat like that for a few years and loved it. I did have to edit possessions, but I adored walking everywhere. I made really good use of London because it was all so easy. I could do plenty of entertaining, with people who didn’t mind a slight squish.

I say do it!

Does something like this even exist?

Look at Pimlico and Fitzrovia. Less fashionable than Mayfair but still very walkable

Bloomsbury and Clerkenwell/Farringdon would work well. Cheaper than Mayfair, quiet at weekends and central and on the Elizabeth line. A lot of the exciting culture in London these days is in east London so personally I wouldn’t prioritise the west end.

Marylebone may be more affordable and nicer than Mayfair. It’s a lovely little area with nice shops pubs and restaurants and about 30 to 40 min walk to theatre land, Covent Garden. Trafalgar sq etc.

Agree

Thanks everybody. Yes Marylebone would definitely be on the list, also bits of Bloomsbury and Fitzrovia. I've never really clicked with Pimlico but def central! Clerkenwell is a bit close to work (or where we will have used to work).

Budget is £850-900. We currently live in North London.

You could get a lot of taxis back to North London for nine hundred thousand quid. More money than sense!

Very helpful 😂

It's a valid point. North London has good transport links into Central London.

Seeing as OP lives in North London I’m sure she’s well aware.

Would this be in addition to your north London home or instead OP?

Jeezo

Its a different world on here

Pre kids we rented in one of the areas you’re looking at and the other residents were either people like us (dinkys not interested in buying yet) or retirees (mostly owner occupiers). It was fab. Close to everything. Great supportive community. I loved meeting the older people and their flats were beautifully kitted out with - I presume - only their very finest things. I’ve always thought we will move back when the time is right.

my aunt and uncle have done this too and they love it but they do regret not buying a flat with enough space for a dinner party - so consider that. Also consider 2 bed in case you need a live in carer at some point.

The other thing I would consider is how the pedestrianisation of Oxford street will affect surrounding roads eg wigmore st, Harley st.

Also, look at service charge and lease length, and get onto the management committee if you can.

The easiest way to discover whether it would work for you would be to Airbnb (other lettings services available) for a couple of weeks in January and in a heatwave.

DH sometimes works in central London for extended periods and gets corporate lets in Dolphin Sq (Pimlico). It is great to be able to walk everywhere or jump in a cab for not too much money. It takes a bit of effort to find a “community”/local friends but it should be very doable if you have some interest in the arts/heritage/charities (or find some indie pubs/restaurants/cafes).

Is this a second home, or are you planning to downsize significantly?

I worked in Mayfair 30 years ago and most of the local pubs were shut weekends as they mainly had week day workers so check that first. I think if you can live in a small space and be in a place you love then go for it! We’re actually doing the opposite, retiring plans are rural, space, land, out houses for our kids (both autistic so may need to live near us, if not then we have rentals if necessary)