Press Announcement: REDD Acquire One Palace Green
REDD has acquired One Palace Green on Kensington Palace Gardens, a Grade II” Listed mansion, which REDD plan to sensitively restore into a new luxury residential scheme which is targeting a completed value in excess of £100 million.
Award winning architectural practice Pilbrow & Partners has been appointed to design the new scheme with Donald Insall Associates advising on heritage and Gerald Eve on planning.
REDD will work closely with The Royal Borough of Kensington & Chelsea, The Crown Estate, local stakeholders and heritage groups to design a scheme that will sensitively restore the existing mansion and be an exemplar standard in terms of sustainability and heritage restoration. A planning application is anticipated later this year with construction planned for Summer 2022. Completion is scheduled for 2024.
In order to create the finest new address on Kensington Palace Gardens, REDD plan to sensitively restore One Palace Green to provide a collection of new luxury residences with lateral living spaces, and access onto terraces and gardens. The address will have 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.
Palace Green and Kensington Palace Gardens is a tree lined private road which provides one of the most secure locations in the capital, with security barriers and lodges at both ends of the road monitoring vehicular and pedestrian access.
Located on a 0.25 acre plot on Kensington Palace Gardens, overlooking Palace Green and Kensington Palace, One Palace Green was originally built in 1868-1870 as a 17,000 sq ft mansion for George Howard (1843-1911), the 9th Earl of Carlisle, designed in Queen Anne revival style by renowned architect Philip Webb, with interiors by William Morris of Morris, Marshall, Faulkner and company. In 1957 One Palace Green was converted into a collection of large lateral apartments by The Crown Estate.