10 December 2015 – Estates Gazette
The Reuben brothers have bought a Mayfair car park, with the potential for a £500m residential-led development from Blackstone.
Billionaires David and Simon Reuben have completed a deal to buy Carrington Street car park, W1, which was on the market through DTZ (now Cushman & Wakefield) and Savills at a quoting price of £60m. They are thought to have agreed a price of around £75m. The deal is expected to unlock a swathe of development both at the site and on the Reuben’s adjoining ownerships. The brothers’ Aldersgate vehicle bought the next door Piccadilly Estate out of receivership in 2011 for £130m.
The Grade I-listed former home to the In and Out Club, together with the neighbouring 96-100 Piccadilly, had previously been owned by family trusts advised by Simon Halabi who had planned to turn the site into a luxury hotel. However the plans have long-since stalled due to a rights of light dispute with the neighbouring Carrington street car park.
With the entire estate now under their control, the Reuben brothers are now expected to bring forward a series of developments. The unconsented Carrington street car park is let to National Car Parks until 2037, but vacant possession is achievable at 20 working days’ notice.
Options for a redevelopment include a major residential scheme – which would boast rare views over Green park – a hotel, private members club and casino. The Rebuen brothers said: “We are delighted to be able to add this iconic site to our existing portfolio. While a valuable site in its own right, the acquisition also allows us to integrate it into our existing Piccadilly portfolio and enhance and enlarge the opportunities for that particular project.”