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Sat October 19 2019

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Monaco developer eyes London opportunities

7 Oct One of the leading property developing families of Monaco has turned its attention to London for high-end projects.

REDD has paid £15m for this Mayfair mansion
REDD has paid £15m for this Mayfair mansion

REDD, which stands for Real Estate, Design & Development, is owned by the Marzocco family and is planning a £100m residential development and property management pipeline in London.

One of its first projects is set to be in Mayfair’s Balfour Place where REDD has acquired the freehold of a 9,364 sqft five-storey mansion building for £15m.

The late Victorian building was formerly the London HQ of the London & Overseas Freighters & Tankers Shipping Line, owned by Greek shipping families, the Kulukundis and the Mavroleons. Over last three decades it has been used for flats and offices.

REDD plans to refurbish and transform the building into a new luxury mixed use development

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Russell Smithers, managing director of REDD’s operations 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.”

Jacopo Marzocco
Jacopo Marzocco

Jacopo Marzocco, who founded REDD in 2016, said: “REDD is a multi-national luxury property company which develops and manages property in world class locations. Initially operating in Monaco, we have now established operations in Prime Central London and plan to grow our London client base and expand the number of properties under development and management. Working with clients from around the world, REDD also provides the perfect conduit for London investors seeking to invest in Monaco and vice versa, and as part of our ambition to become an international brand we are constantly reviewing other real estate opportunities in wealth destinations across the world.”  

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