Behind the failed Toon bid
publication in his entire career.
The duo are estimated to have personal wealth of £13bn and both live in the billionaires’ playground of Monaco.
David started off in the scrap metals business while Simon started out selling carpets, both increasing their wealth during the 1970s and 1980s.
They now own large chunks of real estate around the world including four miles of seafront land in Ibiza, the Millbank Tower and Centre in London, along with large swathes of Mayfair, and huge chunks of Geordie soil.
Not only would they have won the praise of our Toon Army, but they have already got their fingers in various other pies across the region.
They own Newcastle Racecourse, in Gosforth, and three golf courses in the surrounding area.
Last May, Arena Racing Company, their racecourse operation, announced it had agreed a deal to acquire Newcastle and Sunderland greyhound stadiums from William Hill, for an estimated sum of more than £10m.
But they haven’t stopped there. The pair are wanting to change the face of a rundown part of the city.
Last year plans to turn a landmark city centre building into a hotel, bars and restaurant took a step closer after a multi-million pound deal to move Newcastle Magistrates’ Court was revealed.
The former police station on Pilgrim Street was once home to Northumbria Police and Tyne and Wear Fire and Rescue as well as the city’s magistrates’ court and now proposals – which were weighted on the court’s closure, look set to move forward.
The Grade-II listed building was sold for around £455,000 to British Virgin Islands based arm of Motcomb Estates, owned by the Reuben brothers.
Under a shake-up of Newcastle Civic Centre both Newcastle Civil and Family Court will move to the council headquarters with Newcastle Magistrates’ Court moving into the Crown Court on the Quayside – freeing up the Pilgrim Street site for unimpeded development.
Commercial property agent GVA has started to market the site and hope to attract a hotel chain, shops and restaurants to change the area into a “retail and leisure quarter”.
The billionaire brothers’ firm also owns Bank House Square, the derelict buildings and land next to the former police station, bringing the total amount of city centre land the pair own on to more than 26 acres – on just one street.
Last year Ray Minto, director of land and development at GVA, said: “This is an exciting opportunity for an operator partner to bring forward a high quality hotel and food and beverage offer which isn’t currently provided within Newcastle’s City Centre leisure offer.
“The development forms part of a programme of regeneration on Pilgrim Street extending from the Swan House roundabout up to Northumberland Street.”
Newcastle City Council said Pilgrim Street is one of the most strategically important city centre regeneration areas in the north of England, and the authority has prioritised its redevelopment.
The area which is entirely owned by the Reuben brothers’ companies is set to be transformed and pedestrianised so it can be turned into ‘Pilgrim’s Quarter.’