Monaco developer REDD has bought One Palace Green on Kensington Palace Gardens with plans to turn the Grade II* listed mansion into a new £100m luxury residential scheme.

The developer has appointed architect Pilbrow & Partners to design the new scheme that will sensitively restore the existing mansion and be an exemplar standard in terms of sustainability and heritage restoration.

A planning application is expected to be submitted to the Royal Borough of Kensington and Chelsea in 2021 with Donald Insall Associates advising on heritage and Gerald Eve on planning. Construction is due to start in Summer 2022 and completion is expected in 2024.

The finest new address on Kensington Palace Gardens will comprise collection of new luxury residences with lateral living spaces, and access onto terraces and gardens.

Amenities will include a 5-star concierge and property management service, managed by REDD‘s House Management team.

Russell Smithers, Managing Director of REDD says: “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. We are currently working on initial ideas and look forward to speaking to the local community shortly.”

REDD were advised by Valore Capital Partners and Shakespeare Martineau on the transaction.