Tue, 29 Nov 2011 | BUSINESS SALE
The office buildings located at 50 St James's Street in central London have been acquired by Russian investors in a deal worth more than £70 million.
The commercial premises were formerly used by the Jamaican High Commission as its London base and also by the private member's club The Devonshire Club, which closed its doors after 108 years in 1976.
The office buildings, which are 185 years old, are now to be converted back into an exclusive member's club, complete with 14-bedroom hotel, spa and two restaurants which will be open to members of the public.
The new club is also rumoured to be planning a connecting tunnel to the private member's club, White's, which is situated opposite.
Westminster Council signed off the planning approval this week, which was submitted on behalf of Italian Luca Del Bono, who is purchasing the building on behalf of the unnamed Russian investors.
An application for the sale of alcohol at the new club has already been signed off by the council's licensing sub-committee.
The conversion and refurbishment of the building is tipped to begin after the London 2012 Olympics, when the acquisition is completed.
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