Monaco-based property investment and development firm Real Estate Design & Development (REDD) has acquired the freehold of a 9,364 square feet five-storey mansion building in Mayfair’s Balfour Place.
lREDD paid 15 million pounds ($18.5 million) to purchase the building, which was formerly the London headquarters of the London & Overseas Freighters & Tankers Shipping Line.
The firm noted that it is planning to transform the Balfour Place mansion building, that was designed in 1891 by Eustace Balfour and constructed in 1892 to 1894, into a new luxury mixed-use development.
1508 London, a luxury design company, has been appointed by REDD as design consultants and Savills and Wetherell will act as property advisors.