The London and Midlands real estate and corporate legal teams at Shakespeare Martineau have advised on the multi-million pound sale of a significant Mayfair prime residential and commercial property scheme.
Acting on behalf of London and Monaco investors represented by London based development company REDD, the 10,000 sq ft 82 Mount Street scheme was purchased by a private international investor, within days of the sale campaign.
Shakespeare Martineau has acted throughout the project, including the original purchase in 2019, the reverse surrenders of the commercial elements of the scheme, and providing construction and tax advice. The property, on the corner of Balfour Place and Mount Street, achieved planning permission for a luxury mixed-use development, including four apartments, ground floor retail boutique and lower ground floor offices.
The sale has completed just prior to the start of the construction programme.
Simon Robinson partner at Shakespeare Martineau, led the property and corporate legal advice with Jayne Meakin assisting on construction matters. Shakespeare Martineau has extensive experience in the property sector and is working with REDD on several significant prime and super prime projects in London.
Simon Robinson said: “This matter represents a significant step and statement in the market for REDD and their expansion from their Monaco base. We are delighted to have been with them throughout the journey and it proves that the right assets, well thought through and especially in the London market, continue to provide opportunities for investors and owners alike.”
Russell Smithers, managing director of the REDD operation in London says: “The sale of 82 Mount Street represents a very good deal for our investors. Value was added when REDD assembled the freehold site and designed a scheme which was granted planning consent in early 2020. We are happy to exit now and will recycle the cash generated from the sale to invest in new projects in Prime Central London.
“Shakespeare Martineau has been with us from the beginning and has provided advice not only in the legal aspects but strategically, as well as assisting with project management. To have such an all-round service has been excellent and vital to the development.”