Luxury residential real estate purchase deal
London and Monaco real estate company REDD has purchased One Palace Green in Kensington Palace Gardens, London, to convert into a £100m luxury residential scheme, with the support of law firm Shakespeare Martineau.
The grade II*-listed 17,000 sq ft mansion, which backs onto Kensington Palace and dates back to 1870, will be sensitively restored and converted into a number of luxury homes following significant investment.
The deal saw REDD purchase the property via a complex multi-jurisdictional deal.
Simon Robinson, partner at Shakespeare Martineau advised REDD on the transaction, he said: "It is rare that high value investment and development real estate deals are simple, even when they look so initially. We always knew there would be complexities in this multi-jurisdictional matter but over the course of the year that we sat alongside REDD and the Marzocco family office we worked through a plethora of technical, legal and commercial challenges that were embedded this real estate purchase.
"Working under considerable pressure throughout the stages of the deal the importance of working as a connected team across our specialist departments - almost entirely virtual - was vital. From a personal perspective, the communication within the Shakespeare Martineau team enhanced our project management role and allowed me to interact regularly and as clearly as possible with the client and their wider team. This was highlighted as we worked with Counsel in across four separate offshore jurisdictions, dealing with a prestigious and sensitive listed property which is part of the Crown Estate."
Working closely with the Royal Borough of Kensington & Chelsea, The Crown Estate, local stakeholders and heritage groups to design the restoration, it's anticipated REDD will submit a planning application later this year with construction planned for summer 2022. Completion is scheduled for 2024.
Russell Smithers, managing director of REDD, said: "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."
Shakespeare Martineau assisted with all legal aspects of the purchase including real estate, corporate, finance and tax. Working alongside Simon Robinson was Danielle Cooper, Lucy Saddington, Catherine Moss, Georgie Keogh, Christopher von Strandmann, Oliver Gutman, Joshua Hartle, Paul Wakefield and Jayne Meakin.