A housing developer will transform the iconic Grade II listed Royal Star and Garter Homes into residential houses in a £50m deal.

House hunters could own a property looking on to the view from Richmond Hill - the only view in the country which is protected by an act of Parliament, after the charity signed a deal with residential developer London Square.

Ahead of the charity’s move to a new care home in Surbiton in the summer, it offered the property for sale last year and London Square will undertake the restoration and conversion Grade II listed building.

London Square’s chief executive Adam Lawrence said: “The Star and Garter Home is a famous London landmark on the Thames at Richmond, distinguished for the work the charity has undertaken for nearly a century and celebrated as a glorious architectural gem.

“We are thrilled to be selected to undertake the restoration and conversion of such an important building.”

The developer will work closely with Richmond Council and the community to produce a residential scheme it hopes will do justice to the heritage of the building.

The charity, which provides nursing care and therapeutic treatment for disabled ex-service men and women, have exchanged contracts with London Square for the two-and-a-half acre landmark site, which includes the Ancaster House building next to Richmond Park Gate.

The Royal Star and Garter homes is investing £53m in three care homes, the first of which opened in 2008 in Solihull, and it hopes to build another in Buckinghamshire.

Mike Barter, chief executive of the Royal Star and Garter Homes, said the Richmond residence played a central role in the charity’s history.

He said: “Our residents have always come first and this building can regrettably not be adapted any further to provide the facilities and quality of care which they deserve.

“The sale of our Richmond buildings will help the charity deliver its exciting plans for providing care for our brave ex-servicemen and women for very many years to come.”

The sale is conditional on planning consent and on a change of use from a care facility to residential.

Designed by Sir Edwin Cooper and overlooking Richmond Park and the Thames, the Royal Star and Garter’s Richmond home was established in 1916 under the auspices of Queen Mary to treat ex-servicemen returning from the First World War.

The charity, which has operated from its Richmond Hill home for more than 95 years, provides 24-hour nursing, respite and specialist dementia care to its 60 residents.