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The historic home of London Underground is to be converted into expensive flats as part of a drive by transport chiefs to raise more than £1 billion.

The grade I-listed building at 55 Broadway, over St James’s Park station, has been dubbed the capital’s first skyscraper and was designed to reflect a bold future for London transport.

But it is unsuitable for a modern office, say bosses. Last month the Tube control room moved to Southwark. Plans to leave have accelerated as Transport for London, facing a 15 per cent cut in its government grant, seeks a £1.1 billion rise in non-fare revenue by 2022.

About half will come from property and the rest from advertising and sponsorship. Lower floors will be converted into one-bedroom apartments and the rest will be penthouses with four or five bedrooms and access to the roof terrace. TfL will appoint advisers on how best to market the address.

LU boss Mike Brown said: “Any development must respect the building’s heritage. We will proceed sensitively.”