REDD, the London-Monaco luxury property company, has sold its £35 million (GDV) Prime Central London residential development at 82 Mount Street in Mayfair to a private international investor in a landmark deal arranged by Prime Central London property specialists Clifton Property Partners.

The 10,000 sqft 82 Mount Street development provides a mix of lateral apartments, office and retail designed through close collaboration between REDD, architectural practice Formation Architects and 1508 London.

The 82 Mount Street scheme has a stylish ground floor entrance lobby for the apartments, luxury-brand ground floor retail boutique, lower ground floor offices and five upper floors which accommodate the lateral apartments and penthouse, with a specification and interior design scheme inspired by the life of Coco Chanel.

At the end of 2020 the highly anticipated Mayfair development was launched for sale off-plan, prior to construction on site commencing; REDD received interest from a range of individual buyers and professional investors with Clifton Property Partners introducing a buyer who opted to purchase the entire freehold building.

Russell Smithers, Managing Director of the REDD operation in London says: “The sale of 82 Mount Street represents a very good deal for our investors. Value was added when REDD assembled the freehold site and designed a scheme which was granted planning consent in early 2020. We are happy to exit now and will recycle the cash generated from the sale to invest in new projects in Prime Central London.”

Russel Smithers adds: “The buyer is shrewd and has purchased the project at the right time in the market cycle, with PCL agents forecasting that Prime Central London residential prices will rise 4% this year with ultra-prime sales volumes rising by 15%.”

James McManus, Partner & Co-Founder of Clifton Property Partners says: “Through our extensive international network of clients and contacts Clifton Property Partners introduced the buyer for 82 Mount Street and facilitated this deal which provides value for both the vendor and purchaser. The off-plan sale of this apartment scheme is a marker for the underlying strength of the Mayfair market, which is characterised by global demand and limited supply, and ensures values remain stable or rise over the various market cycles.”

The significant uplift in the value of 82 Mount Street, benefitting both REDD and the new buyer is underlined by the fact that REDD acquired and assembled the freehold site for £1,600 per sqft, creating value through the design and planning process. When the development is completed the finished apartments have a calculated open market value of £4,500 per sqft, representing significant value for the current buyer.

Founded in 2016, with offices in London and Monaco, REDD announced in 2019 that it was investing £100 million on behalf of investor clients in luxury residential properties and projects in the Central London market, which included 82 Mount Street. With this investment campaign successfully concluded in the next phase of its expansion REDD plan to investment on behalf of investor clients some £200 million in real estate opportunities in London and the Home Counties.

Throughout the last decade James McManus and his Co-Founder Robert Windsor have been involved in a combined £2 billion worth of transactions and have personally sold over a third of the £10 million secondary market in Mayfair alone. Based on Hill Street in the heart of Mayfair, Clifton Property Partners provides sales, lettings, acquisition and new homes services, focusing on the Prime Central London property market.