LONDON — From his workplace at 10 Downing Road, Prime Minister Boris Johnson of Britain locations pressing each day calls to Ukraine’s wartime chief, Volodymyr Zelensky. Subsequent door, within the Overseas and Commonwealth Workplace, officers draw up new sanctions towards the Russian oligarchs who’ve turned London right into a turnkey haven to cover their belongings and home their prolonged households.

And but simply throughout Whitehall, a billionaire property developer is near finishing an extravagant conversion of the Previous Battle Workplace, an Edwardian-era monument to Britain’s imperial previous. The brand new property will likely be a five-star Raffles Lodge, with lavish residential flats that might till just lately have catered to the identical ultrawealthy Russians who’ve abruptly fallen out of favor.

“We had a glut of Russian inquiries about six weeks in the past, none of which materialized,” stated Charlie Walsh, the pinnacle of residential gross sales for the undertaking. “The Russian market would have been fairly vital. For apparent causes, that has been fully nonexistent. Fortunately, from that standpoint, as nicely.”

To say the undertaking has unusual timing understates its sheer incongruity. Opening at a time of conflict in Europe, the OWO — because the Previous Battle Workplace has been delicately rebranded — is an evocative reminder of Britain’s wartime historical past. Within the midst of a crackdown on rampant international cash, it’s also a baroque instance of what postwar Britain has turn into, and what the federal government is belatedly attempting to scrub up.

Hardly ever has a constructing been each so emblematic and but so out of step with the occasions — a bricks-and-mortar manifestation of how London has, and hasn’t, modified.

The crosscurrents aren’t misplaced on Mr. Walsh, who works for the Hinduja Group, an Anglo-Indian conglomerate managed by the Hinduja brothers, which has holdings in automotive manufacturing, oil and fuel, and well being care. He’s attempting to promote the constructing’s wealthy historical past to a superrich clientele with out overdoing the warlike theme.

As a substitute, Mr. Walsh remembers the well-known figures who labored within the Previous Battle Workplace, from Winston Churchill to T.E. Lawrence, a.okay.a. Lawrence of Arabia. He confides that John Profumo, the secretary of state for conflict within the early Nineteen Sixties, entertained his 19-year-old lover Christine Keeler in his wood-paneled workplace, which would be the centerpiece of a lodge suite. Their fling exploded into the “Profumo affair” after it emerged that Keeler had additionally had a sexual relationship with a Soviet diplomat.

Ian Fleming was out and in of the constructing throughout his time as a naval intelligence officer — a element that’s catnip to a salesman like Mr. Walsh, who hints that Fleming got here up with the inspiration for his suave spy, James Bond, there. He exhibits a customer the “Spies Entrance,” so-called as a result of it’s tucked discreetly on the rear of the constructing.

Quite a few Bond movies have used the Previous Battle Workplace as a backdrop, most memorably on the finish of the 2012 movie “Skyfall,” when a brooding Daniel Craig gazes at its domed turrets from the roof of a neighboring constructing — Large Ben looming within the distance, framed by fluttering Union Jacks.

“Hate to waste a view,” Bond says, in phrases the developer has manifestly taken to coronary heart.

The OWO is filled with jaw-dropping vistas, with suites that look out to the Horse Guards Parade throughout the road, or south to the Homes of Parliament. There’s a three-story champagne bar overlooking a courtyard and a glass-roofed restaurant. Two of the penthouse flats have rooms constructed into the turrets.

All that splendor — the wooden paneling, the intricately carved marble fireplaces, the unique mosaic flooring — isn’t low-cost. The 85 flats begin at 5.8 million kilos ($7.6 million) and go as much as 100 million kilos ($131 million). Mr. Walsh has bought a few quarter of the items and stated he was assured he’ll promote half by the point the OWO opens on the finish of this 12 months or early in 2023.

The conflict in Ukraine, and the stain of hidden, ill-gotten Russian wealth, will not be even the largest problem to advertising these oligarch-scale flats. Journey restrictions stemming from the coronavirus pandemic have made it more durable for potential consumers from Asia and the Center East to go to London. Consequently, lots of Mr. Walsh’s early gross sales have been to Individuals and Europeans. The spike in oil costs, he stated, would most likely assist elevate the marketplace for consumers within the gulf nations.

Although he doesn’t say so explicitly, Mr. Walsh is clearly relieved that Russian consumers have been sidelined. The specter of sanctions, which may result in their belongings being frozen, spares him a troublesome alternative. He insists that extra stringent “know your buyer” rules in the previous couple of years have made it “nigh on unattainable for soiled cash to return into these new initiatives.”

That appears optimistic: Transparency Worldwide, which campaigns towards corruption, estimates that 6.7 billion kilos ($8.8 billion) of doubtful international funds have poured into British property since 2016, together with 1.5 billion kilos from Russians accused of corruption or hyperlinks to the Kremlin. A brand new legislation goals to make it more durable for rich foreigners to disguise their possession of actual property or use it to launder cash.

Regardless of this crackdown, and the issues of Brexit, Mr. Walsh predicted that London would stay an alluring vacation spot for the superrich. Two years of pandemic — of “not having the ability to train their retail remedy,” he stated — had generated pent-up demand for multi-thousand-dollar-a-night lodge rooms and multi-million-dollar flats.

The Previous Battle Workplace, which was accomplished in 1906, will not be the one London landmark that’s being transformed right into a luxurious lodge. The Admiralty Arch, which sits between Trafalgar Sq. and The Mall, is being was a Waldorf Astoria. The previous United States Embassy on Grosvenor Sq., a midcentury-modernist traditional designed by Earo Saarinen, is being transformed right into a Rosewood Lodge.

For critics, non-public takeovers of public buildings have gone too far, significantly within the case of Admiralty Arch, an imposing edifice that has languished for years as a development website, blighting the view towards Buckingham Palace.

“It’s an absolute scandal,” stated Simon Jenkins, a columnist for the Guardian and the writer of “A Brief Historical past of London.” “It needs to be used for presidency workplaces. Are they going to do Downing Road subsequent?” (A wise-aleck would possibly word that the prime minister’s residence was repeatedly used as a celebration house throughout the pandemic — a violation of lockdown guidelines that has put Mr. Johnson into political peril).

Promoting off distinguished public buildings for motels or high-end flats can be exhausting to think about in a metropolis like Paris. However in London, “a dispassionate method to the nice buildings of state will not be as unusual as it will appear,” stated Tony Travers, an skilled in city affairs on the London Faculty of Economics.

“Britain, which is a really conventional nation in some ways, has the capability to be very untraditional in different methods,” he stated. “There’s a willingness to reject custom when it’s seen as pragmatically vital.”

Mr. Travers identified {that a} fiscally strapped authorities was unlikely to take as excellent care of those buildings as non-public homeowners. The Palace of Westminster sits in a state of harmful decay, with chunks of masonry tumbling off its partitions, as Parliament bickers over a renovation that might take many years and value greater than $20 billion.

The Ministry of Protection, which moved into bigger quarters in 1964, bought a 250-year lease to the Previous Battle Workplace for 350 million kilos ($460 million) in 2016. The Hindujas have poured a couple of billion kilos into it, with 1,200 employees laboring on the location.

“It is a very costly capital-intensive undertaking,” Mr. Walsh stated, as he confirmed the place a Versailles-scale chandelier will hold over the grand staircase. “With out non-public funding, very merely, these buildings can be left to rot and die.”