Admiralty Arch, a piece of London's history, up for sale

London’s iconic Admiralty Arch is being sold by the UK government through Savills with reported hopes of more than £75 million.

Plans to sell the long leasehold interest in the building were announced in November as part of a bid to levy funds from the government’s property portfolio, saying the building was no longer suitable for modern office working practices.

The building lies on the south-west corner of Trafalgar Square and acts as the entrance to The Mall, which leads to Buckingham Palace.

The 13,685-square-metre building was most recently home to the Ministry of Defence and the Cabinet Office.

“This is a world-famous historic property in a prime central London location and will be of substantial interest to a wide range of organisations and investors,” says Savills director of Savills Robert Seabrook.

The building was originally commissioned by King Edward VII as a tribute to his mother and was completed in 1912 after his death.

The arch was designed by the architect Sir Aston Webb and built by John Mowlem and Co, now owned by construction giants Carillion.

The government says its objective is to protect the building’s heritage and enable public access, meaning it might not go to the highest cash bidder.

The move is part of austerity measures in the UK where civil servants have exited 36 property holdings in central London since last year’s election, reportedly saving more than £90 million.