London developer Galliard Homes has bought the first headquarters for the Metropolitan Police to turn the Grade II-listed, five-storey building into one of the capital’s most expensive hotels, with several suites priced at £10,000 a night.

Costing over £50m, the 26-month construction programme to create the hotel is due to start in January, with the hotel scheduled to open in 2016.

Galliard said a contractor had not been selected yet but sources said McAleer & Rushe has been involved in detailed talks about the conversion plan.

The facades of the brick building will be retained, behind which new floors with luxurious modern interiors will be built.

It will feature 235 rooms, a grand entrance foyer, winter garden lounge, top class restaurant and cocktail bar, library, 120-seater main conference room and ballroom.

The building will be extended with two new levels of basement and two new floors above the existing roof level including a top storey with a period-style Westmorland slate clad mansard roof.

Stephen Conway, chief executive of Galliard Group said: “It really is a “blue-chip” building with grand architecture, a fascinating history and large dramatic interiors.

“The street is quiet and tranquil yet on the doorstep of London’s most famous landmarks including Trafalgar Square, No.10 Downing Street, the Mall and Buckingham Palace.”