UPDATE: David and Simon Reuben have won planning permission for converting Picadilly’s In & Out Club. Westminster City Council agreed that £5.5m could be paid by the proeprty tycoons for funding affordable homes.
Last week, it was reported that Reuben brothers’ plans of converting the In & Out club in Piccadilly into Britain’s most expensive private home may not see the light of day.
The property tycoons were at loggerheads with Westminster council, which said it will accept their proposal only if the brothers agreed to build 23 new affordable homes elsewhere in the borough or fork out £6.7m in a cash contribution.
The brothers said they can offer only £1.8m and that the authority has underestimated the cost of restoring the Grade I listed Mayfair property. The council, on the other hand, said that “overall they are satisfied that their approach is robust”.
The Reubens bought the building for £130m back in July 2011 and planned to create a vast 11-bedroom property with an underground swimming pool, an 85 ft ballroom and a 35,000-bottle wine cellar. Experts have suggested that once completed the restored property could fetch up to £200m.
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