David and Simon Reuben have spent £61m on a prime central London site which already has full planning permission for a luxury hotel.
The Reuben Brothers have purchased 54 and 55-57 Great Marlborough Street, Soho, from Quadrum Global. The site currently consists of 44,000 sq. ft. of space with a 100ft. street frontage.
The site was granted full planning permission for demolition and construction of a 63,400 sq.ft. 118 room hotel consisting of two basement levels and seven upper floors back in February.
The latest buy follows their purchase of nearby 47, 48 and 49-50 Poland Street, also with consent for a hotel, back in August.
The site’s vendors were advised by JLL. Jonathan Goldman, senior vice-president, Hotels and Hospitality at JLL said: “It is rare for a consented hotel development site of this type to become available in such a prime area of London. We were pleased to support Quadrum Global through this sale which is another example of the current strength of the London hotel market.”
It is now reported that the two sites may be combined into a single new ‘lifestyle hotel’ and managed by Shiva Hotels.
The new acquisition will add to the Reuben Brothers expanding prime central London hospitality portfolio and perhaps underlines the potential the inveterate investors see in the hotel market here.