The Marzocco-owned property company Redd is buying up big in London, recently acquiring two historic properties in the capital’s most exclusive neighbourhood to cater to the needs of the super-rich in Britain.
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Real Estate, Design and Development (Redd) was founded in 2016 by Jacopo Marzocco, 31, a third-generation member of the Marzocco family that built, among others, the Odeon Tower in Monaco and is now responsible for Testimonio II, which is currently being constructed on the last remaining large-scale building plot in the Principality.
With headquarters in Mayfair, Redd has now expanded into Prime Central London and has created a €145 million residential development and property management portfolio in Mayfair, St James’s, Belgravia, Knightsbridge, Chelsea, Kensington and Marylebone.
Its latest acquisition is a grand Edwardian property at 7 Charles Street in Mayfair for €12 million. The property currently provides 3,000 square foot of space and is located within a Grade II listed Portland-stone clad Arts and Crafts style mansion building, constructed in 1900 and designed by architect F M Elgood.
7 Charles Street served as the London home of Edwardian barrister T. T. Clifton who, along with criminal specialist Sir Edward Marshall Hall, advised on some of the most famous cases of the era including the Camden Town Murder trial of 1907 and the sensational 1923 trial of Princess Marguerite Fahmy, accused of murdering husband Prince Ali Fahmy, the Princess being a former lover of Edward, Prince of Wales.
The project’s development programme is expected to take around 18 months.
“We plan to grow our London client base and expand the number of properties under development and management,” said Jacopo Marzocco. “As part of our ambition to become an international brand we are constantly reviewing other real estate opportunities in wealth destinations across the world.”
Just weeks earlier it was revealed that the company had acquired a five-story mansion building in Mayfair’s Balfour Place. The building was formerly the London headquarters of the London & Overseas Freighters & Tankers Shipping Line, owned by the famous Greek shipping families the Kulukundis and the Mavroleons.
The families once controlled a €2 billion empire with a fleet of 32 ships bringing oil from the Middle East to the US and Europe. Originally, the building served as a single mansion, but became a business HQ after the war.
Redd purchased the property for €17 million.
“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,” said Russell Smithers, Managing Director of the Redd operation in London. “We are also in the process of seeking further prime projects in London, working on behalf of private investors and clients.
The Redd development team specialise in the acquisition and redevelopment of prime residential and commercial property for the resale market, investment and private occupation.
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