The Reuben brothers have obtained planning permission to convert a listed Mayfair home into a mansion worth up to £200 million.

David and Simon Reuben, aged 72 and 69, obtained council permission this week after investing £5.5 million towards an affordable housing scheme in Westminster.

The property tycoons, born to Jewish-Iraqi parents, initially offered £1.8 million to the Conservative authority, but raised their offer before the planning committee granted permission on Tuesday.

The 18th-century property in Piccadilly, formerly inhabited by Lord Palmerston, will be extended to include an underground swimming pool, a wine cellar, ballroom, 11 bedrooms and nine bathrooms.