London’s Mayfair District Lures New York Galleries
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Rents in upmarket London district Mayfair are set to soar as galleries and auction houses line up to open in the neighborhood amid rising demand for art, the London Luxury Quarter business group said in a report today.
Rental rates on shopping avenue Bond Street have increased 40 percent in the last 18 months, the group said. That’s more than any other London area, according to real estate company Jones Lang LaSalle Inc. The introduction of London train route Crossrail will increase the number of passengers alighting on the street by 30 percent in 2018 and propel rates further, the report said, citing property agents Knight Frank LLP.