The Commonwealth Institute building on London’s Kensington High Street is set for a revamp under plans by the Ilchester Estate and Chelsfield Partners.

A joint venture between the companies has appointed Rem Koolhaas and Reinier de Graaf of Rotterdam-based architects Office for Metropolitan Architecture (OMA) to develop the grade II listed former home of the Commonwealth Institute.

Chelsfield and the Ilchester Estate are planning to develop £150m of luxury flats at the site. The 60,000 sq ft Exhibition Galleries in the iconic pavilion at the 3.25 acre site will be preserved.

OMA was selected by the site owners from a shortlist of six international architects which included Rafael Moneo, Rafael Viñoly Architects, Eric Parry Associates, Caruso St John, and Make Architects.

The architects will now develop proposals for the site and a planning application will be submitted at the end of the year.