It is understood American artistic wheeler dealer Kenny Schachter will join fine art specialist Gerard Faggionato and Phillips de Pury auction house in the converted former Post Office building near Westminster Cathedral, Victoria.
Rumours that art dealer Timothy Taylor, the husband of Lady Helen Windsor, would also set up home in the four-storey building in Howick Place, however have now been squashed.
According to the planning application, the concept 'is centred upon creating a critical mass of space for new design-based tenants to operate within the same building.'
The statement goes on: 'The development represents the creation of a unique flagship opportunity for Westminster and London which along with Paris, Milan and New York is at the heart of the global creative and design industries.'
The scheme - dubbed the Creative Design and Arts Centre - replaces an earlier application for 122 new flats on the site and is expected to go before Westminster council's planning committee next month.
Following his decision to take nearly 2,000 sq m of space on the top floor of the new development, Schachter has decided not to move his gallery into the new Zaha Hadid building in Hoxton Square.
The AJ has learned that a boutique will now occupy the space in the east London scheme - the future of which will apparently not be affected by the move.