The development comprises three 2-bedroom lateral apartments, one 3-bedroom penthouse, office and retail space.
The landmark off-plan deal was arranged by Prime Central London property specialists Clifton Property Partners.
The 10,000 sq ft development around the corner from Grosvenor Square comprises four apartments, office and retail space. Originally built in 1891, the plans to turn it into a London’s first “covid-compliant” apartment block were approved in the summer.
REDD had already received interest from a range of individual buyers and professional investors when local property specialists Clifton Property Partners introduced a buyer who opted to purchase the entire freehold building.
Designed through close collaboration between REDD, architect Formation Architects and interior designer 1508 London, the development has a stylish ground floor entrance lobby for the apartments, luxury-brand ground floor retail boutique and lower ground floor offices.
Five upper floors accommodate the lateral apartments and penthouse.
The specification and interior design scheme was inspired by the life of Coco Chanel.
REDD acquired the freehold site for £1,600 per sq ft, creating value through the design and planning process. Once completed, the apartments have a calculated open market value of £4,500 per sqft, representing significant value for the current buyer.
Russell Smithers, Managing Director of the REDD operation in London said: “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. 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 added: “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.”
Founded in 2016, with offices in London and Monaco, property company 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. As this investment campaign has successfully concluded, the next phase of expansion will include investment on behalf of investor clients some £200 million in real estate opportunities in London and the Home Counties.
Within 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.