Listed buildings to become bars and restaurants in £100m Newcastle city centre scheme
Evening Standard – 19th January 2018
The billionaire Reuben brothers capped a busy week which saw them linked to a Newcastle United takeover, by agreeing a £35 million West End property deal, the Evening Standard has learned.
An investment vehicle used by property moguls Simon and David Reuben is understood to have bought the long leasehold of 69-70 Pall Mall from a private UK investor.
The ground floor is used by HSBC, and the new owners are planning to refurbish the vacant office floors above the bank. Landlords close to Green Park often charge businesses rents well over £100 per square foot.
Details of the Reubens’ latest 24,125-square-foot purchase come in the same week that it emerged the family had been lined up as a potential backer for businesswoman Amanda Staveley in her bid to buy Newcastle United. However, that deal, led by David’s son Jamie, came to no avail. Staveley’s investment group PCP Capital Partners still wants to buy the club from owner Mike Ashley.
The latest property swoop is the Reuben brothers’ first purchase of the year. In 2017 they spent more than £200 million on property in the capital. Agents Colliers International and BDG Sparkes Porter advised the Pall Mall vendor.
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