The billionaire Reuben brothers paid £150 million for Cambridge House back in 2011, which is located at 94 Piccadilly in London’s Mayfair.

The plans had previously been rejected over affordable housing disputes, with the development now subject to the brothers paying an affordable housing contribution of £5.5 million.

Westminster Planning Application Committee approved the plans to redevelop the property as it had fallen into disrepair when it ceased to be a private members club.

Councillor Robert Davis, deputy leader of Westminster City Council, said: “This significant sum of money means we can provide much needed affordable housing elsewhere in Westminster.

“I hope the owners will now commence work without any delay to bring this magnificent building back to its former glory.”

Previously, the council said the proposal would only be accepted if the property tycoons made a major contribution to affordable housing in Westminster; it had the developers to build 23 new homes elsewhere in the borough or give a £6.7 million cash contribution.

David and Simon Reuben however insisted that this demand would render the project commercially unviable and offered £1.8 million instead.

Now the deal sees the pair parting with £5.5 million in order to please the council, which will be used to construct affordable housing elsewhere in the city.

According to Savills, the estimate cost to purchase the property upon completion is thought to be around £200 million, which equates to a West End record of £3,750 per sq ft.

The property, which was formerly the prestigious In and Outs Club, will now be converted into a luxury 48-room home with 11 bedrooms, nine bathrooms, two guest rooms and eight cloakrooms.

The In and Outs Club, known as the Naval and Military club, has moved to its new home in St. James’s Square.
The plans for the 53,426 sq ft building is also said to contain a wine cellar capable of housing 35,000 bottles of wine.

The courtyard of the property will also be excavated and in its place a 40 ft underground swimming pool with spa, gym and beauty salon will be built.

Robert added: “This is the last remaining house of this type, despite the fact that so many used to adorn Piccadilly in the past, and is in need of urgent need of restoration.

“I am delighted the applicants raised their original offer of £1.8 million to £5.5 million for affordable housing.”