According to reports, the Ministry of Defence (MoD) building in central London has been acquired by global conglomerate The Hinduja Group in partnership with a Spanish industrial company on a 250-year lease arrangement.
Previously inaccessible to the public, the 53,883sqm property will also offer a spa and fitness facility and an outdoor public space once restored.
"We will make every efforts to honour the heritage and restoration of this national monument, elevate its status and reconnect it with the public," Srichand P Hinduja and Gopichand P Hinduja, chairs of the Hinduja Group, told The Times of India.
"We will forge a new future for the site, creating a vibrant and sustainable destination that retains and enhances the historical importance of the building. We are proud to be playing such a crucial role in this new chapter for the Old War Office," they added.
Completed in 1906, the building played a crucial role in both World Wars. It was put up for sale after being declared surplus to MoD requirements in August 2013.