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The
Admiralty Arch in
London is to be transformed into a hospitality venue, including hotel, restaurant and bar. If executed well then the project could turn one of the capital's impressive historic landmarks into a very lucrative business.
The problem is that there is a fine line to tread when dealing with places so full of history and close to the hearts of the nation. Firstly it needs those in charge of the renovation to have a vision and one which is both doable and in-keeping with the original building which is being transformed.
Rafael Serrano, chief executive of Prime Investors
Capital Limited (PIC), which has leased the building, said: "We are committed to preserving the iconic status of Admiralty Arch and celebrating
Sir Aston Webb's historic design, while restoring, modernising and adapting it sensitively for a new use that will sustain its value for future generations."
Since the Admiralty Arch is a
Grade I listed building then there are rules governing what can be done to it in the process of conversion. While this can be good in terms of preserving it for the future it can be difficult to match up the modern use it will be put to.
Safety rules and regulations must still be adhered to, which can be difficult when a building is not being purpose built. There are also the added costs associated with working with old buildings, which may need extra work and special furnishings. The chances are that the Admiralty Arch will host a
luxury hotel befitting its grandeur and status and that this will entail a large budget from the outset.
PIC is leasing the building from the government for 99 years, which is quite a commitment on the part of the company. But for such an exclusive address and sumptuous surrounding the arch, which was originally a commission by
King Edward VII, it is likely to be worth the risk.
Restaurants, bars and hotels housed within historic or listed properties have a selling point beyond all others, meaning that they almost market themselves.
