Unlike most gentlemen's clubs in capital, St Stephen's Club is a proprietary rather than a mutual business, having been bought by its current owners in January 2003.
The club can continue operating as a private members club under new ownership or be converted to alternative use, subject to gaining planning consent.
The Grade II-listed property at 34 St Anne's Gate, Westminster - which overlooks St James's Park - comprises five floors with a total area of approximately 13,418sq ft.
The private members club is made up of three large reception rooms over the raised and lower ground floors that cover 5,575 sq ft in total, while the upper three floors (which have their own entrance) are used as offices.
The lawned and terraced gardens cover 1,200 sq ft and host parties in the summer.
The club was founded in 1870 (with Benjamin Disraeli one of the founding fathers) on the corner of Bridge Street and Embankment. It was sold to the Government in the early 1960s and reopened in 1962 by Harold McMillan at its present address, the former private house of Lord Glenconnor.
Originally connected with Conservative MPs and civil engineers, the club takes its name from St Stephen's Chapel, the original meeting place for the Commons.
Under the current owners, the business has flourished as a private members' luncheon club between 9am to 6pm during the week and as an evening and weekend venue for functions and weddings.
The hotel department of Knight Frank is handling the sale on behalf of current owners James Wilson and Myra Jauncey.
By Angela Frewin