The Reuben brothers have won planning approval from Hackney Council for a 22-storey mixed-use residential and office scheme on City Road, EC1, just to the north of the City.
The plans involve the first build-to-rent scheme proposed for Zone 1, a total of 100 private rental homes, as well as 170,000 sq ft of offices.
Surrey-based private developer Spiritbond has an option to acquire the City Road site, with a conditional sale agreement in place. It has traditionally built student housing, with London schemes including Finsbury Park, N4, and Elephant & Castle, SE1, in its portfolio. This will be its first BTR scheme, but with BTR and student accommodation sharing similar skillsets in rents and management, it should be an easy crossover.
The site has lain virtually empty for a number of years and is currently used as a car park. The 225 City Road development will provide £6.3m towards off-site affordable housing, as well as £6.8m in community infrastructure levy payments. This is split with £3.8m for the mayor’s fund and almost £3m for the borough’s fund. Another £1.3m is being sought for other section 106 conditions.
David Reuben and Simon Reuben were ranked first in the 2016 Sunday Times Rich List with a net worth of £13.1bn. Making their money in a wealth of different industries including mining, energy and shipping as well as real estate. Other property investments include the Millbank Tower refurbishment and extension, as well as large holdings around Mayfair, Piccadilly and a 50% stake in the Merchant Square scheme in Paddington, W2.
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