The basement of a luxury apartment building in central London is being renovated and will house the world ‘most famous’ building in the UK, it has been revealed.

The renovation of the building’s roof and walls began in October and will be completed in April, with the building to be renamed after Sir Richard Branson.

It is estimated that the £500 million project is expected to cost £2.7 billion.

The new building, dubbed the Branson Building, is part of the new £1 billion London skyscraper project and will feature five towers.

The building is currently under construction at the site of a former textile factory and will also house offices, shops, apartments and other buildings.

The site is being redeveloped and the area is being re-branded to reflect the building, with its new name of Branson’s Building.

The project has been billed as a ‘world’s first high-rise luxury apartment complex’.

In addition to the new building on the corner of Lambeth and Richmond Streets, there will be a hotel, offices, residential and retail buildings, as well as a hotel-condo tower and a retail development.