There has been a magistrates office in Bow Street since 1740

Grade-II listed Bow Street Magistrates' Court and the nearby police station have been bought by Galway-based Edward Holdings for an undisclosed sum.

The three courtrooms will operate as normal until next summer while plans are drawn up to expand another court.

Plans for the site are not known but a hotel proposal has been ruled out.

Edward Holdings said any redevelopment of the court and the police station, which has stood empty since 1992 , will be sympathetic to the architecture and historical significance.

Our aim is to give all the buildings on the site the new lease of life that they clearly deserve Edward Holdings spokeswoman

The first Bow Street magistrate was Colonel Thomas de Veil, who established his office on the street in 1740. The current court was built in the 1870s and 1880s.

As it is listed, the Greater London Magistrates' Courts Authority (GLMCA) has said it cannot make the changes necessary to bring court facilities up to 21st Century standards.

The Lord Chancellor, Lord Falconer of Thoroton QC, said: "The sale of Bow Street will release further capital to re-invest in our court building programme.

"Financial investment in courts means that we are better able to provide a modern, effective justice system, tailored to meet the needs of the people who use the courts every day."

The spokeswoman for Edward Holdings said: "We will be looking at various options for the building over the coming months...our aim is to give all the buildings on the site the new lease of life that they clearly deserve."

The Department for Constitutional Affairs (DCA), shared owner of the site, refused to reveal the building's sale price.