London landmark 'attracts £20m bid'

BILLIONAIRE brothers Simon and David Reuben are lining up a bid of up to £20m for the landmark Commonwealth Institute in Kensington High Street.

According to Estates Gazette, their interest comes as concern mounts that an existing bid from a Middle Eastern investor may fall through. Previous approaches from British Land and the Pentecostal Church have faltered.

'The private Arab investor has the papers but there is a fear the deal is faltering. The Reubens like the site and could bid all-cash,' said a source.

Property magnate John Ritblat's British Land was trying to buy it as a new base for the Royal Shakespeare Company, but was second in line to the Pentecostal Church and is said to have walked away.

The site is being sold as the institute's operations have moved to Cambridge. A large part of the site is undeveloped although residential building is currently not permitted.

But another source said: 'Investors will hope to keep the exhibition hall and wait for Kensington & Chelsea council to consider granting residential permission. Prime residential opportunities in Kensington are pretty rare.' The institute and its agent, DTZ, were unavailable for comment.