The Reuben brothers have continued their acquisition spree in the capital with the purchase of a property in South Kensington.
Property tycoons David and Simon have bought Glen House, a freehold building at 125-133 Old Brompton Road.
It is home to a Ferrari showroom on the ground floor and has planning consent for offices and luxury apartments over five upper floors.
Overall, the property provides 12,000 sq ft of space, including just over 2,600 sq ft of office space.
The billionaire brothers have also bought 1 and 3 Eagle Place, located directly behind Glen House, which provide two private mews residences.
The deal is the latest in a series of moves this year by the Reuben Brothers, the most notable of which was their £300 million purchase of Mayfair’s iconic Burlington Arcade.
The retail area, which houses over 20 jewellery companies, originally went up for sale for £400 million at the start of last year. With approximately 37,000 sq ft of retail space and a combined frontage of over 1,100 feet, the arcade attracts over four million visitors a year.
The brothers, whose interests also include data centres and shipping, also bought 69-70 Pall Mall, in the heart of London’s West End, in January. The building comprises a banking hall let to HSBC and five floors of offices that were formally HSBC’s headquarters.
In March, they announced the acquisition of 10 Shepherd Market in Mayfair – home to Kitty Fishers bar and dining room – and later purchased 4, 6 and 8 Shepherd Market.
Also in March, they snapped up Amberley Wharf in Little Venice, which comprises seven blocks of flats let on a long lease to Westminster City Council.
In 2017, the brothers spent more than £200 million on property in London, culminating with the purchase of a St James’s building from Royal Bank of Scotland (RBS) which could house a new London gallery. Earlier in the year, the brothers won planning consent to transform the former In & Out members club into a luxury hotel.
But the property tycoons have also looked further afield, recently revealing plans to create a landmark office and leisure scheme in Newcastle through Taras Properties. It will mark the first of a three-phase scheme to regenerate the East Pilgrim Street area, eventually creating a raft of retail, leisure and office schemes to reconfigure the entrance to the city.
On the other side of the Atlantic, David and Simon paid about £28.5 million to buy a building in New York which is reportedly going to become an American outpost of 5 Hertford Street, the exclusive private members club in Mayfair.
The Reuben brothers’ interests extend beyond pure bricks and mortar. It was recently revealed they pocketed £2.1 billion after selling half their stake in Global Switch, an owner, operator and developer of large-scale carrier and cloud neutral data centre properties in Europe and Asia-Pacific.
Global Switch, a London-based proptech company, has benefitted from the boom in the digital economy over the past decade, which has resulted in data centre operator profits soaring as demand for internet storage grows.
DMZ thinks the billionaire brothers’ acquisition spree looks set to continue. The deals not only demonstrate the brothers’ vast wealth, but also highlight their positive outlook on the UK’s property sector.
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