The Reuben brothers have completed a deal to buy the Carrington Street car park in Mayfair, W1, a move that could unlock a swathe of prime development opportunities.
The billionaire brothers have paid Blackstone around £75m for the NCP car park, which has been earmarked for a £500m luxury residential-led scheme with commanding views over Green Park.
The brothers already own, through their Aldersgate vehicle, the neighbouring former home of the In and Out Club for which previous owner Simon Halabi had planned a hotel development.
However, the scheme had been hampered by a rights of light issue with the car park.
Bringing both sites into the same ownership is expected to unlock several development opportunities.
Alongside the Grade I listed former home of the In and Out Club, the estate also includes 96-100 Piccadilly, W1.
The Reuben brothers said: “While it is a valuable site in its own right, its acquisition also allows us to integrate it into our Piccadilly portfolio and enhance the opportunities for that project.”
Savills and Cushman & Wakefield acted for Blackstone.
