Reubens axe plan to turn private club into £250m home

Developers have scrapped plans to create Britain's most expensive home
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A £250 million plan to turn a former Piccadilly gentlemen’s club into Britain’s most expensive home has been scrapped following the slump in the top end of the central London property market.

Instead the property tycoons Simon and David Reuben have set their sights on converting the Grade I listed mansion that housed the “In and Out” club into a luxury hotel.

The Indian-born brothers bought the palatial property at 94 Piccadilly — originally known as Cambridge House — and a number of surrounding buildings, for about £100 million in 2012.

They won planning consent to convert them into a 60,000 sq ft residence in 2014 but work had made little progress and the listed buildings remain on Historic England’s at risk register because of their poor state.

It was used as the Naval and Military Club from 1865 to 1999 and earned its nickname from the “In” and “Out” signs on its gateposts.

But a planning application lodged this month with Westminster council shows that the brothers now intend to convert the block of buildings into a 102-room hotel, provisionally known as the “In and Out Hotel”, as well as four “serviced” apartments.

The plans from architects PDP London show that the hotel would have a 2,200 sq ft ballroom, more than twice the size of the average home, and a two-level basement with a gym, spa, wellness centre and swimming pool.

According to the planning documents, the proposals “seek to retain and enhance the setting of the Grade I and II listed buildings and restore the existing finishes”.

George Nicholas, global head of hotels at property agent Savills, said the sector looked increasingly attractive to investors.

He said: “Since mid-last year’s devaluation of sterling, the UK, and in particular London, has seen a marked increase in demand for hotel rooms across the spectrum of hotel categories.”

The Reuben brothers were unavailable for comment.

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