The go-ahead has been given for the conversion of the former Port of London Authority headquarters, next to the Tower of London, into a luxury hotel.
Work is now expected to start later this year on the development of the Grade II-listed building at 10 Trinity Square into a 120-bedroom hotel with 41 serviced apartments, private members' club, spa, two bars and a restaurant, after planning permission was granted by the City of London.
The property was bought by Singapore-based real estate group KOP Properties and the Reignwood Group of 2010.
Architect Woods Bagot will oversee the transformation of the 415,000sq ft building, which was designed by Sir Edwin Cooper in 1922 and is renowned for hosting the inaugural meeting of the United Nations General Assembly in 1946. More recently it housed the UK offices of Willis Insurance.
The interiors of the new hotel, which is expected to open in 2014, will be by David Collins.
Leny Suparman, chief executive of KOP Properties, said: "Our vision is for 10 Trinity Square to become a new global destination on the edge of the City of London, with a very British DNA and a timeless, classic appeal."
By Janet Harmer
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