Monaco property firm acquires ‘landmark’ Mayfair building as part of £100m pipeline

A Monaco-founded international property company has acquired a £15m mansion building in London’s Mayfair.

REDD has acquired the 9,364 sq ft five-storey building in Balfour Place, which was formerly the London headquarters of the London & Overseas Freighters & Tankers Shipping Line, owned by Greek shipping families the Kulukundis and the Mavroleons.

Dating back to the 1890s, the Balfour Place mansion building is now set to be transformed into a new ‘luxury’ mixed-use development by the property firm.

The acquisition comes as REDD announces it has created a £100m residential development and property management pipeline in the city, operating in Mayfair, St James’s, Belgravia, Knightsbridge, Chelsea, Kensington and Marylebone.

Russell Smithers, managing director of the REDD operation in London says: “REDD has just acquired the freehold of a magnificent historic mansion building on Balfour Place in Mayfair which was once the headquarters for the legendary Kulukundis and Mavroleon shipping dynasty.

“We plan to consult closely with Grosvenor and the City of Westminster and transform this into REDD’s first multi-unit boutique residential scheme in London.

“We are also in the process of seeking further prime projects in London, working on behalf of private investors and clients.”