Aldersgate Investment Management, a real estate firm managed by billionaire property investors Simon and David Reuben, has got approval from the London City Council to build the U.K.'s most expensive single-family home.
According to Businessweek, the mansion will be built at the former site of In and Out club, located just beside the luxurious Ritz Hotel at 94 Piccadilly Road. After a thorough inspection of building plans, the Westminster Borough council granted approval to build a 60,600 square feet mansion.
Jonathan Hewlett, the head of London Property at consulting firm Savills Plc said that once construction on the mansion is complete, it could sell for around $307 million, making it the most expensive single-family residence of the U.K., reports Bloomberg.
Apparently, the Reuben brothers snagged many properties at Piccadilly Road for a total of $130 million in 2011. Along with the mansion, plans to convert buildings at 90 to 93 Piccadilly into six apartments and stores and build a 1400 square meters home at 95 Piccadilly were also approved by the council.
The building at 94 Piccadilly was used as the London Club for 150 years before The In and Out Club (Naval and Military) occupied the place in 1865. The military club vacated the place in 1999.
Plans for the new building were sketched out sometime back in November 2012. According to Dailymail, plans include a swimming pool, a spa, a gym and a 12 car parking space and a 35,000-bottle wine cellar as well.
"It would make a wonderful home and be one of the largest private residences in the UK. No one has got much more than £120 million for a home in London but that is not to say it wouldn't happen. This is a unique property and a great opportunity for a very wealthy person who wants a landmark home in London. For them, it is about buying a piece of English heritage but you won't know when it is has been sold," Trevor Abrahmsohn, head of real estate firm Glentree Estates, said to the Dailymail.
Check out the photos of the planned renovation, here.
