Bounded by three streets, the plot of land was originally bought at auction by wealthy merchant Josef Wurm in 1820.

The following year he commissioned Mihaly Pollack, who later designed the Hungarian National Museum, to erect a two-storey residence in the classical style.

Originally known as Wurm Court, the building eventually became the Palace of Arts.

Later The Malvieux Bank, one of the city's first banking houses, was based in the building, before being expanded by architect Jozsef Diescher in the 1860s.

While extending the building, Diescher adopted the same architectural style of Pollack.

The building underwent more changes again when leading Hungarian architect Alajos Hauszmann, designer of the Buda Castle, further defined Wurm Court by introducing the granite-covered entrance, a neo-baroque lobby, cashier's hall, ornamental staircase and a management corridor.

"It's a building with a splendid past and an inspired future, " says Niamh Walsh of Lisney Overseas Department.

The building's most recent renovations will see it transformed into an upmarket apartment building comprising 85 stylish, contemporary homes.

All of the original features will be retained, while the courtyard at the building's centre will be redesigned as a contemporary interpretation of a classic Hungarian courtyard.

Part of Wurm Court's redevelopment will be the renaming of the building as Palazzo Dorottya.

Arranged over five levels from the second to the sixth floor, the 85 apartments will combine a mix of one-, two-, three- and four-bed units, ranging in size from 52sq m to 150sq m (559sq ft to 1614sq ft).

Palazzo Dorottya will also incorporate a gym, spa, restaurant, cafe-lounge, office space and shops, while services for residents will include a 24-hour concierge, chauffeur and ticket service, storage, laundry and cleaning, window cleaning, landscaping, and newspaper and magazine deliveries. Pictured (bottom right) is how the new Palazzo will look.

Prices start from 210,000 for a one-bed, 295,000 for a two-bed, 385,000 for a three-bed and 618,000 for a four-bed.

Further information from Lisney 01-6340941.