A rare Mayfair redevelopment opportunity has arisen with the freehold of The Naval Club building being put up for sale for £35m.

Marketed via Gerald Eve or Wetherell, the imposing Grade II listed building (1,595 sqm) is located on a wide and deep corner plot, offering substantial accommodation over six floors.

Thirty-eight Hill Street has an illustrious history. It was originally built in 1748-49, designed by architect Benjamin Timbrell, under the auspices of local landowner Lord Berkeley. One of the early occupants was John Pitt, 2nd Earl of Chatham (1756-1835), the First Lord of the Admiralty and brother of Prime Minister William Pitt the Younger.

Lloyd Davies, Partner, Gerald Eve, says: “Located on a wide and deep plot, 38 Hill Street is an extremely large property which lends itself to a range of potential commercial or hospitality uses.”

The entrance hall at 38 Hill Street, Mayfair

Peter Wetherell, founder and Chairman of Wetherell, added: “It is extremely rare in Mayfair to have the opportunity to purchase the freehold of an entire mansion building of this size which is still configured as a vast single property.

“If remodelled into a super-prime mansion it would be one of the most valuable, largest and prestigious private homes in Mayfair. Alternatively a developer could convert the building into a prestigious multi-unit residential development for which there remains a significant demand and a shortage of supply in Mayfair.”

The property remained in private ownership until World War II, when it was requisitioned for use as a London headquarters by the Army’s Auxiliary Territorial Service. In 1946 the freehold of 38 Hill Street was purchased from the Raphael family and it has been the home of the Royal Naval Volunteer Reserve (RNVR) and The Naval Club ever since.