The iconic Millbank Tower, SW1, which once housed the headquarters of the Labour Party, could be converted into luxury flats by its billionaire owners.
Simon and David Reuben’s Motcomb Estates is exploring options for a change of use at 21-24 Millbank that could lead to a £700m residential scheme.
The 387ft listed tower occupies a prominent spot on the north bank of the Thames between the MI5 building and Tate Britain and was the command centre for Labour’s 1997 and 2001 election campaigns.
The 408,000 sq ft, 33-storey office tower, built in 1963, commands rents of between £25 and £46.50 per sq ft.
Residential values in the area currently exceed £2,000 per sq ft.
The brothers’ plans are also expected to include a hotel at podium level.
Motcomb Estates bought the tower in 2002 from Tishman Speyer for around £120m.
A spokesman for Motcomb Estates said: “The owners of the building are considering all options for the future of the Millbank Tower.”
The move comes as Westminster city council prepares to introduce rules that would make office-to-residential conversion more difficult.
From September the council will require developers to provide new office space to replace any that is lost as a result of residential conversion.
Planning applications that have been approved prior to this date will not be subject to this rule.
A conversion of Millbank Tower is likely to be complicated by the length of the office leases, some of which have as long as 14 years to expiry, albeit with break options.
