CoStar – 12th November 2018
The Reubens have been building a notable pipeline of central London hotel schemes
The site has consent for redevelopment as an 118-key hotel. The Reuben brothers have bought 54 and 55-57 Great Marlborough Street from Quadrum Global, a Soho site with consent for a luxury hotel development, for a price understood to be £61m, CoStar News can reveal.
The site comprises two prominent adjoining freehold buildings totalling 44,000 sq ft with 100 ft of prime frontage to Great Marlborough Street. It has full planning consent for demolition and redevelopment into a 118-key hotel with retail, restaurant and bar area totalling 63,400 sq ft over two basement levels, ground and seven upper floors.
Michael Elliot and JLL advised Quadrum on the sale. JLL also advised the owners on the sale of 47, 48 and 49-50 Poland Street in Soho, which was bought by the Reuben Brothers in August 2018 and which has consent for a 74,350 sq ft hotel.
The purchases by the Reubens brothers will add to their burgeoning pipeline of hotel developments in central London, which includes nearby Grosvenor Square, Mayfair, The “In & Out Club” on Piccadilly and the Millbank complex in Victoria. Combined, the Reubens will be bringing an estimated 1,000 hospitality jobs to the capital.
Mark Shipman, Partner at Michael Elliott, said: “We are delighted to assist and advise Quadrum Global in executing their business plan and disposing of this prime Soho development opportunity.”
Jonathan Goldman, Senior Vice-President, Hotels and Hospitality at JLL, said: “It is rare for a consented hotel development site of this type to become available in such a prime area of London. We were pleased to support and find the purchaser for Quadrum Global through this marketing which is another example of the current strength of the London hotel market.”