THE Grade I-listed former headquarters of Midland Bank, whose vaults featured in the James Bond film Goldfinger in 1964, has been sold in a £72 million deal to Vladimir Chernukhin, a former Russian Deputy Finance Minister, The Times has learnt.

The sale of building at 27-35 Poultry, in the heart of the City, will bring its owners HBOS, the bank, and Paul Kemsley, the multimillionaire property entrepreneur and director of Tottenham Hotspur Football Club, a profit of more than £30 million in just five months.

Mr Chernukhin will not be the first Russian to have a presence in the Square Mile. The Moscow Narodny Bank is based just around the corner on King William Street.

HBOS and Mr Kemsley bought the building in May for £40 million after noticing that it was undervalued.

The commercial property investment market has benefited from continued voracious demand from investors worldwide, pushing up prices and squeezing rental yields to record lows.

Knight Frank, the commercial property consultant, was appointed to sell the building on behalf of HBOS and Mr Kemsley.

The property was built in the 1920s and designed by Sir Edwin Lutyens. It occupies just under an acre of prime real estate next to the Bank of England.

In 2005, HSBC agreed to lease back the banking hall, paying £1 million a year until 2008, but the offices upstairs are vacant. The building contains many original features, including a double height marble-lined banking hall, the safe depositary and original board rooms.

It is thought that the Mr Chernukhin is purchasing the property with a view to a redevelopment. It is believed that he is considering turning the property into a luxury hotel. Other options include serviced apartments, leisure, retail or offices.

Mr Chernukhin was relieved of his post as chairman of Vneshekonombank (Foreign Economic Bank) in connection with a transfer to other work by President Putin of Russia in May 2004. He was succeeded by Vladimir Dmitriyev.

Mr Kemsley is an active player in the commercial and residential property markets. Two years he ago, Rock, his investment vehicle, led a bid for Countryside Properties. Mr Kemsley was beaten to the deal by Alan Cherry, the chairman and founder of Countryside, with backing from HBOS.

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