London and Monaco residential property company REDD has bought One Palace Green on Kensington Palace Gardens, which it plans to turn into into a luxury residential scheme.
Once complete, the Grade II listed mansion originally the London residence of the Howard family of Castle Howard fame, is expected to be worth more than £100 million.
The property company will work closely with The Royal Borough of Kensington & Chelsea, The Crown Estate, local stakeholders and heritage groups to design the scheme.
A planning application is anticipated later this year with construction planned for next summer – with completion is scheduled for 2024.
The mansion, located on a 0.25-acre plot on Kensington Palace Gardens, overlooks Palace Green and Kensington Palace.
The luxury residences will have access to terraces and gardens, as well as a concierge and property management service.
There will also be a “cutting-edge” air filtration and air quality management system to combat outside pollution, viruses and pollen levels.
“One Palace Green is a landmark acquisition for REDD and will create one of the top tier luxury residential developments in London,” REDD managing director Russell Smithers said.
“We are currently working on initial ideas and look forward to speaking to the local community shortly.”
The site at One Palace Green was originally occupied by a Crown Estate Grace-and-Favour Royal residence used by a cousin of Queen Victoria, but was later replaced by the current mansion designed for the Howard family.