Admiralty Arch Moves Closer to Becoming Hotel
London - August 23, 2013 - Admiralty Arch in central London looks set to become a hotel after plans for the development of the property were approved by Westminster Planning Committee. Building of the arch, a memorial to Queen Victoria, was completed in 1912.
Spanish financer Rafael Serrano Quevedo will lead the project after purchasing the lease to the building - which leads from Trafalgar Square to Buckingham Palace - through his Prime Investors Capital (PIC) vehicle.
The developer will pay £600,000 to the council for social housing and a further £100,000 for “public art”. The government agreed to lease it the Grade I listed building for 99 years for £60 million.
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