London Luxury Rental Paying Homage to Graffiti Artist Banksy

Most homeowners want to keep graffiti away like the plague—but this London luxury rental is happily splashing a multi-million-dollar piece of street art across its facade.

Luxury developer Enstar Capital announced Thursday that it is turning a brick Victorian building in Notting Hill into an homage to anonymous graffiti artist Banksy as well as Ozwald Boateng, a popular British menswear designer who got his start from a studio in the building.

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The developers have dubbed the project "Sartoria House"—a nod to its sartorial past—and will turn the 6,000-square-foot space into a mix of retail on the first floor and high-end furnished flats. The luxury apartments are expected to go for around £1,000 (US$1,289) per week, according to the developers.

Construction will begin in October and is expected to take a little over a year.

The focal point of the exterior will be the re-installation of a well-known mural called "The Painter" by Banksy, a notorious, but as of yet unmasked, graffiti artist. The 7-foot-by-14-foot mural, valued at £2.3 million [US$3 million], was originally stenciled on the ground floor. Developers will better protect the piece by raising it off the street level and installing bullet-proof glass around it. Spotlights will also illuminate the artwork so it can be admired at night time, according to the developers.

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The interior of the 150-year-old, wedge-shaped building will play up its pedigree as the birthplace of Mr. Boateng’s eponymous menswear brand, with units inspired by "British tailoring."

Mr. Boateng used the upper floors of the building as his first showroom and a pied-a-terre in the 1990s, before his rising success led him to relocate to posh Savile Row, a road in Mayfair known for men’s tailoring.