London’s Admiralty Arch which stands sentry near Trafalgar Square could be turned into a luxury hotel according to The Telegraph.
From the Telegraph:
Admiralty Arch, built in 1912, is set to be sold for at least £75m because the Government believes the 80,000 sq ft office building will be too expensive to modernise. The taxpayer-owned offices were occupied by the Cabinet Office before it moved to the Treasury earlier this year and are now almost empty.
Stephen Lovegrove, chief executive of the Shareholder Executive, confirmed the sale at the Public Property Summit. He said the Government will look for alternative uses while “protecting the heritage”, “creating opportunities for public access” and “ensuring value for the taxpayer” from the building.
Cabinet Offices sources said improving public access to Admiralty Arch would be key in proposals and the building will not necessarily be sold to the highest cash bidder. Savills has been appointed to handle the sale.
Mr Lovegrove said the Government is “cautious” about the sale of its properties because of the sharp fall in commercial values following the recession. Instead, he said, it is focusing on cutting operating costs and that civil servants have exited 36 property holdings in central London since the election, saving more than £90m.