Hong Kong-based, Magnificent Hotels, has acquired a police station in London and submitted plans to transform the building into a new ‘five-star’ boutique hotel.
The sale of the Grade-II listed Wood Street police station was thought to have cost the group around £40m.
Magnificent Hotels bought the property on a 151-year lease, which had been on the market since June via Cushman & Wakefield.
The building will be used by the police until approximately December this year to allow time for the building to be decommissioned.
Subject to planning permission, work would then begin on developing Wood Street Hotel into a ‘deluxe heritage hotel’, explains William Cheung, chairman of Magnificent Hotels.
He says: “Magnificent Hotels is honoured to have acquired this unique property which provides huge potential to elaborate its heritage by sensitively refurbishing and enhancing the Grade II* listed former Police Station.
“We look forward to working alongside our experienced professional team to convert the building into a deluxe heritage hotel for the public to enjoy.”
Sir Michael Snyder, chairman of the City of London Corporation’s Capital Buildings Committee, said: “The sale of Wood Street offers the opportunity to help meet growing demand for overnight accommodation in the Square Mile, while at the same time taking forward our plans to create a new headquarters for the Police to ensure they continue to deliver a first class service.
“As we work towards realising our vision of the City as a 24/7 destination, it is estimated more than 4,000 hotel rooms will be required to meet demand from workers, tourists and residents.