Joint developers Grosvenor and Hongkong and Shanghai Hotels plan to replace the existing 1950s and 1960s offices with a £500m luxury hotel and high-end apartments.
Designed by British-based Hopkins Architects, the developers aim to start construction in summer 2017.
The landmark hotel and 28 apartments scheme is planned as a sister hotel to Hong Kong’s acclaimed Peninsula, and will boast a 30m square internal ‘Palazzo-style’ courtyard.
Peter Vernon, chief executive officer at Grosvenor, said: “This is an excellent opportunity to shape a very special part of London.
“The Peninsula London is an example of the long-term thinking and high-quality design required to maintain London’s status as a global city.
“The Peninsula London also provides a chance to improve the surrounding realm by widening pavements, planting more trees and providing easier road crossings. It is a major milestone in our efforts to improve Belgravia as a place to visit, live and work.”
Clement Kwok, Managing Director and Chief Executive Officer of The Hongkong and Shanghai Hotels, said: “This hotel has been designed to align with our group’s philosophy of developing a small number of the world’s best hotels in exceptional locations, while respecting the history and heritage of the local area. ”
The Peninsula will be the third of Asia’s luxury hotel brands to open in London, following the Mandarin Oriental Hyde Park in Knightsbridge in 2000 and the Shangri-La in The Shard last year.
