A Mayfair car park has been acquired with potential for a £500m residential-led development.

David and Simon Reuben, of Reuben Brothers, purchased the Carrington Street car park for around £75m.

Options for redevelopment include a major residential scheme overlooking Green Park, a hotel, a private members club and a casino.

The Reuben Brothers said: “We are delighted to be able to add this iconic site to our existing portfolio.

“While a valuable site in its own right, the acquisition also allows us to integrate it into our existing Piccadilly portfolio and enhance and enlarge the opportunities for that particular project.”

The car park adjoins the brothers’ Piccadilly Estate, which was acquired for £130m in 2011, and the neighbouring 96-100 Piccadilly.

The Carrington Street car park was let to National Car Parks until 2037, but vacant possession is achievable at 20 work days’ notice.

In November, reports suggested that more than £1bn worth of development land was locked up in London car parks.

Last week, John Waddicker, Director at Positive Commercial Finance, told Development Finance Today that the development brokerage had recently secured finance for a developer to work on his second car park conversion project.