Monaco developer plans £100m Kensington luxury flats
Monaco developer REDD has acquired One Palace Green on Kensington Palace Gardens to create a luxury residential scheme valued in excess of £100m.
REDD is understood to have paid £45m to the vendor, a Far East family office.
The developer will turn the Grade II listed mansion into a scheme of up to six super prime flats designed by architects Pilbrow & Partners. Gerald Eve is advising on planning, with Donald Insall Associates on heritage.
Monaco developer REDD has acquired One Palace Green on Kensington Palace Gardens to create a luxury residential scheme valued in excess of £100m.
REDD is understood to have paid £45m to the vendor, a Far East family office.
The developer will turn the Grade II listed mansion into a scheme of up to six super prime flats designed by architects Pilbrow & Partners. Gerald Eve is advising on planning, with Donald Insall Associates on heritage.
One Palace Green overlooks Hyde Park and Kensington Palace. It was built in 1868, providing 17,000 sq ft for George Howard, the 9th Earl of Carlisle. The building was designed in a Queen Anne revival style by architect Philip Webb, with interiors by William Morris.
In 1957, the Crown Estate began splitting the building into flats. It currently comprises six vacant flats. REDD aims to lodge a planning application for the restoration this year, with a view to construction beginning next summer and completion in 2024.
The acquisition follows a £200m investment drive earlier this year, with former Grosvenor director Mark Tredwell appointed to lead expansion as head of development.
REDD launched in London in 2019 with a £100m super-prime spree, picking up luxury properties for its rental portfolio. The family is known for building the tallest building in Monaco, the Tour Odeon, whose penthouses command some of the most expensive rents in the world.
Russell Smithers, managing director of REDD, said: “One Palace Green is a landmark acquisition for REDD and will create one of the top-tier luxury residential developments in London. We will utilise our in-house development management expertise, with our team of extremely experienced individuals in the fields of heritage restoration and luxury design to deliver the finest new residences on Kensington Palace Gardens.”
REDD was advised by Valore Capital Partners and Shakespeare Martineau on the acquisition. Cyril Leonard advised the seller.
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Photo: Grant Frazer
