REDD's 2024 Highlights

As 2024 draws to a close, Directors Russell Smithers and James Jackson reflect on some of the key highlights from another busy and exciting year at REDD. The year started with the successful addition of 41 Upper Grosvenor Street in Mayfair to our residential development pipeline. It has gone on to include several significant sales from our development pipeline, with work also forging ahead on our landmark development One Palace Green, scheduled for completion next year. We have also been delighted to welcome talented new members to the REDD team and to connect with our industry peers at our regular round table events.

1.  Two major sales on Charles Street

2024 got off to an excellent start with the sale of 7 Charles Street to an American buyer. Over two years in development, the two-storey, 3,400ft² apartment was designed and completely remodelled by MSMR architects, with interior design by Taylor Howes Designs. The property was on sale via the new Sotheby’s team in London and was the first ‘big ticket’ sale of 2024 in Mayfair, according to agents Beauchamp Estates, who acted for the buyer.

We also completed an off-market sale of the first-floor lateral apartment at 6 Charles Street for £9 million to a private North American family. Sotheby’s International Realty acted for REDD on the transaction and Henry Smith & Co acted for the buyer.

In the last week, REDD has launched the remaining residences at 6 Charles Street, comprising a mews townhouse, a penthouse, and apartments ranging between one and three bedrooms.

2.  Appointment to redevelop forgotten gem in Mayfair

A key highlight from the year has been the acquisition of 41 Upper Grosvenor Street in Mayfair, in collaboration with multi-family investment office North Wind Capital. This ‘forgotten gem’ has huge potential, and we are looking forward to bringing our extensive knowledge of the Mayfair area to the project, and to restoring the building to its former glory.

REDD CEO Russell Smithers says, “We are excited to be joining North Wind Capital in the redevelopment of this mixed-use property on Upper Grosvenor Street. It complements our existing and growing portfolio of work in the historic district of Mayfair, where we have a track record for delivering the highest standard.”

3.  Progress at One Palace Green

2024 has seen major progress on our development One Palace Green following the appointment of DE Group as the main contractor. Located on a quarter-acre site in Kensington Palace Gardens, One Palace Green is one of the capital’s most anticipated new residential projects. Owing to its situation and pedigree, the road commands the title of one of the world’s most expensive and coveted addresses.

Originally the London residence of George Howard, the 9th Earl of Carlisle, the Grade II* Listed mansion property will comprise five apartments and a separate coach house. DE Group is leading the construction and supply chain at the property, which includes a heating and cooling system run entirely off 250m deep ground source heat piles. Savills and Beauchamp Estates have also been appointed as joint sales agents ahead of completion in autumn 2025.

Development director James Jackson says, “The appointment of DE Group marks a significant milestone in the development of One Palace Green. We aim to deliver a way of living that is world-class, and this ethos will run through every aspect of the project from the build to the ongoing lifestyle services. On completion, this project will join the ranks of other globally recognised residential addresses and we have built the team to deliver it accordingly.”

4.   Growing the REDD team

Earlier this year, the Board appointed James Jackson as REDD’s new Development Director. James brings 20 years of experience in real estate to the position and has worked on major developments around the world. He oversees all stages of project inception at REDD, from the initial concept through to sales, working closely with key stakeholders. He is also driving the expansion of REDD’s portfolio into new markets, keeping us at the forefront of opportunities. 

We were also delighted to welcome Charlie Johnson as project manager this year. With a degree in Construction Project Management and a background working for main contractors and developers in central London, Charlie works closely with consultants and contractors to keep our projects running on schedule and within budget.

5.  Connecting with peers and collaborators

Our monthly roundtable events have generated plenty of fascinating discussion this year, with topics including the impact of the general election and the new Labour government. November saw us congregating in the beautiful private garden of landscape architect Randle Siddeley for a very special Bonfire Night dinner prepared by chef Alister Gooding.

As ever, it has been both stimulating and informative to share experiences with our peers and collaborators across the property market while gaining valuable insights from industry experts.

Looking ahead to 2025, Russell Smithers says, “next year is already set to be another key year for REDD as we see the completion and launch of both our One Palace Green development in Kensington and 6 Charles Street development in Mayfair. This, paired with our expanding pipeline of new developments, means we are set for a very exciting year indeed.”