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Jacopo Marzocco (left), executive chairman, and Russell Smithers (right), MD at REDD.
Grant Frazer
A Monaco-based family office has amassed a £100 million ($130 million) luxury residential portfolio in one of London’s most exclusive neighborhoods in less than four months.
REDD, the investment and development vehicle owned by the Marzocco family of Monaco, bought £25 million worth of property assets over the last two weeks as it pushes its expansion plan in the British capital.
Last week, it acquired a building at 7 Charles Street in Mayfair with plans to redevelop it into a £10 million duplex spanning over 3,100 sqft of space.
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7 Charles Street in London’s Mayfair.
Grant Frazer
Earlier this month, the developer acquired another property in Mayfair for £15 million, when it bought a building at Balfour place.
The five-storey mansion spans 9,364 sq ft of offices and residential units. REDD plans to refurbish it and transform it into a new luxury mixed use development.
The building was formerly the headquarters of the London & Overseas Freighters & Tankers Shipping Line, owned by the Kulukundis and Mavroleons families.
The Marzoccos are one of the largest property investors and developers in Monaco.
In 2009, the Marzocco Group developed the Tour Odéon, which standing at 170m is the tallest building in Monaco and one of the tallest in Europe.
The penthouse at the 49-storey Odeon Tower was marketed for an eye watering £249m in 2014.
“We plan to grow our London client base and expand the number of properties under development and management. As part of our ambition to become an international brand we are constantly reviewing other real estate opportunities in wealth destinations across the world,” said Jacopo Marzocco, founding director of REDD.
Russell Smithers, managing director of the REDD operation in London added: “The completed duplex will be Mayfair’s finest garden apartment and is part of our ongoing expansion plans in London’s best addresses. We have recently announced our first multi-unit development at Balfour Place and are looking at other multi-unit residential development opportunities across Prime Central London.”
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Jacopo Marzocco (left), executive chairman, and Russell Smithers (right), MD at REDD.
Grant Frazer
A Monaco-based family office has amassed a £100 million ($130 million) luxury residential portfolio in one of London’s most exclusive neighborhoods in less than four months.
REDD, the investment and development vehicle owned by the Marzocco family of Monaco, bought £25 million worth of property assets over the last two weeks as it pushes its expansion plan in the British capital.
Last week, it acquired a building at 7 Charles Street in Mayfair with plans to redevelop it into a £10 million duplex spanning over 3,100 sqft of space.
7 Charles Street in London’s Mayfair.
Grant Frazer
Earlier this month, the developer acquired another property in Mayfair for £15 million, when it bought a building at Balfour place.
The five-storey mansion spans 9,364 sq ft of offices and residential units. REDD plans to refurbish it and transform it into a new luxury mixed use development.
The building was formerly the headquarters of the London & Overseas Freighters & Tankers Shipping Line, owned by the Kulukundis and Mavroleons families.
The Marzoccos are one of the largest property investors and developers in Monaco.
In 2009, the Marzocco Group developed the Tour Odéon, which standing at 170m is the tallest building in Monaco and one of the tallest in Europe.
The penthouse at the 49-storey Odeon Tower was marketed for an eye watering £249m in 2014.
“We plan to grow our London client base and expand the number of properties under development and management. As part of our ambition to become an international brand we are constantly reviewing other real estate opportunities in wealth destinations across the world,” said Jacopo Marzocco, founding director of REDD.
Russell Smithers, managing director of the REDD operation in London added: “The completed duplex will be Mayfair’s finest garden apartment and is part of our ongoing expansion plans in London’s best addresses. We have recently announced our first multi-unit development at Balfour Place and are looking at other multi-unit residential development opportunities across Prime Central London.”