Plans are bring drawn up to convert Wood Street Police Station in the City of London into a five-star hotel.
The Grade II-listed building near Barbican has been sold by the City of London Corporation to Hong Kong based Magnificent Hotels on a 151-year lease.
It is the second police station to be sold in the square mile after the sale of Snow Hill station to Whitbread, which is converting it into a Premier Inn.
The City of London Police said that it expected to continue to use Wood Street station until the end of 2020 to allow time to decommission the building.
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.
"The announcement of this development is another step in the right direction towards meeting this target."
William Cheng, chairman of Magnificent Hotels, added: "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."
Photo by Kenjonbro/Flickr