In a public meeting, Westminster City Council (WCC) granted planning permission to developers Prime Investors Capital (PIC) to renovate the former office space into a 5* hotel, residences and private members' club.
The redevelopment is part of the wider Cabinet Office strategy to operate a more efficient government estate which has already seen it shrink by 16% since 2010 and raise over £1 billion for the taxpayer by selling buildings and land no longer needed. The 99 year lease agreement signed between HM Government and PIC in October 2012 will raise an additional £60 million from the sale of Admiralty Arch’s leasehold, as well as creating jobs within the regeneration project.
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Francis Maude said: "The plans approved will breathe new life into Admiralty Arch, transforming it from unsuitable office space into a publicly accessible landmark that everyone can admire and enjoy.
"Hard-working families rightly expect us to make the most of what we own; historical and architecturally significant buildings like the Arch shouldn’t be sitting empty in the government's estate wasting £900,000 a year to run. Instead we're raising £60 million for the taxpayer and working closely on every aspect with Prime Investors Capital (PIC), Westminster City Council and English Heritage to restore it to its former glory.
"Retaining the building's freehold will mean that the public will always have a say in its future and this restoration project will create jobs, boost the local economy and help reduce the deficit."
(CD/MH)
