Uxbridge department store Randalls which has borne former MP Sir John Randall's family name since 1981 has been sold to property developers.
Inland Homes have bought the grade II listed building on Vine Street which was owned by the family for generations.
Sir Randall said: "It was always going to be a wrench for myself and my fellow shareholders to sell the property after all the years in our family’s ownership."
He added: "However, we are excited by the very real interest taken by Inland Homes in the heritage aspects of the building and site.
"I am really looking forward to seeing the building being revitalised in the next part of its evolution.”
The developers have said they plan to keep the art deco element of the building, but will transform it into a mixture of commercial and residential property.
They have also expressed a keen interest in the exterior of the Randall’s building for its modernist design.
Chief Executive of Inland Homes Stephen Wicks said: “People are understandably fond of the Randall’s building, which is part of the fabric of Uxbridge.
"We are looking forward to working out a detailed plan for development which cherishes its illustrious history.”
The store closed in January (2015) and Mr Randall told Get West London during the sale that it was a harder decision than stepping down as an MP from Parliament.
“It’s up there with bereavement" he said.
Five generations of the family worked at the store which first opened its doors in 1891, but Sir Randall admitted it is no longer viable to run it as a furniture shop.