CoStar 5th December 2016
The Reuben brothers have submitted plans to turn an NCP car park in London’s Mayfair district into a residential-led scheme with offices, shops and an art gallery
The proposals, designed by architects Allford Hall Monaghan Morris (AHMM), will see all the existing properties demolished and replaced them with two new buildings containing up to 29 homes, office space, a gym, an art gallery, restaurants and shops. There will also be a new pedestrian link through the site, which would directly connect Shepherd Market with Piccadilly. Two buildings will be erected either side of the pedestrian route rising to 4 and 8 storeys in height.
The car park was originally part of a wider 127-strong NCP portfolio, which in turn formed part of the £1.4bn Project Isobel property loan workout vehicle set up by Blackstone and RBS in 2011. Blackstone and RBS sold the bulk of the NCP portfolio to Davidson Kempner in September after having sold some of the most prized assets separately.
Billionaires David and Simon Reuben bought the NCP Carrington Street car park for around £75m towards the end of last year, adding to their already expansive Piccadilly estate. At the time of the sale it was suggested the site could be worth at least £500m once fully developed.
The scheme is being delivered by Averdeen Oak Ltd & Croix Properties, part of the Reuben Brothers group of companies. Savills is acting as planning consultant. The company held two separate public exhibitions on 20 June and 28 September 2016 and said feedback from local businesses and residents had been positive. A decision on the site is expected by April next year.