Monaco’s REDD acquires £15m Mayfair residential development

Property & Construction | South East

REDD, the Monaco founded multi-national luxury property company, has acquired the freehold of a 9,364 sqft five-storey mansion building in Mayfair’s Balfour Place, listed for £15m, which REDD plan to transform into a new luxury mixed-use development.

The building was formerly the London headquarters of the London & Overseas Freighters & Tankers Shipping Line, owned by the famous Greek shipping families, the Kulukundis and the Mavroleons.

Russell Smithers, Managing Director of the REDD operation in London said: “REDD has just acquired the freehold of a magnificent historic mansion building on Balfour Place in Mayfair which was once the headquarters for the legendry Kulukundis and Mavroleon shipping dynasty. We plan to consult closely with Grosvenor and the City of Westminster and transform this into REDD’s first multi-unit boutique residential scheme in London. We are also in the process of seeking further prime projects in London, working on behalf of private investors and clients.”

REDD, which operates in Monaco and London, has acquired the Balfour Place mansion building and plan to transform it into a new luxury mixed-use development. Plans are at an early stage and REDD will liaise closely with Grosvenor and the City of Westminster on the restoration of the historic building in order to devise proposals that meet local needs. Luxury design house 1508 has been appointed by REDD as design consultants and Savills and Wetherell will act as property advisors.

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