The house, built in the 18th century by Saxon ensign and innkeeper Georg Heidenreich, was located at the corner of Nevsky and Admiralty Prospects, which ensured its popularity. Over time, it housed shops, a hotel, and the largest commercial bank in Russia.

The history of the building began with the appearance of the first house on Nevsky Prospect six years after the completion of the Admiralty in 1705. The street was created by order of Peter I on the site of a forest clearing and became one of the most well-maintained parts of St. Petersburg. Streets were paved, trees were planted, and stone houses were built. Trade along the sidewalks was prohibited to maintain cleanliness in the city center. Oil lamps were first installed on Nevsky, later replaced by gas and electric ones.

The four-story building in the style of Russian classicism appeared at the end of 1770. Georg Heidenreich built it for personal residence and to relocate his inn. In 1781, the inn was named "City of London" and was considered one of the most prestigious in St. Petersburg. Wealthy guests, including foreign envoys and merchants, stayed at the inn. Later, two six-story wings were added to the building.

The "London" inn was the best hotel in St. Petersburg until the first quarter of the 19th century. Among its visitors were the heir prince of Hesse-Darmstadt, Emperor Joseph II of Austria, and English doctor Grogal. The famous barber Lund also resided here. Members of the Free Economic Society and the German Theater frequented the inn. After the demolition of the Admiralty and the emergence of Admiralty Boulevard, the number of visitors increased. It is believed that the inn lasted until the mid-1870s.

After Heidenreich, the owner of the house became restaurateur Philipp Jakub Demut, followed by merchant Wilhelm Greff. At the end of the 19th century, the building was acquired by Major General Alexander Ivanovich Glukhovsky, who rented out the premises. In 1912, the house passed to the Petrograd Private Commercial Bank, which invested significant funds in its reconstruction.

The authorship of the first architectural project of the house is unknown, but since 1737, projects were approved by the Commission on St. Petersburg Construction. In 1765, the Commission approved the development project for the first blocks of Nevsky Prospect. Literature often mentions that the creator of the house was Vladimir Zeidler, who was responsible for remodeling the building in 1910-11. He added half-columns and made the building more eclectic and closer to neoclassicism.

Before 1770, the site of the house was the workshop of sculptor Etienne Maurice Falconet. Famous writers such as Herzen and Adam Mickiewicz stayed at the "London" inn-hotel. Sergey Trubetskoy also took refuge here during the Decembrist uprising. Various shops and offices opened in the house, including a bookstore and lithography by Giuseppe Daciaro.

From 1911, the St. Petersburg Private Commercial Bank operated here until 1917. After the revolution, the house passed to the state, and a large publishing house was established here. During the Soviet era, the building was used to house various institutions.

Today, this historic building houses the representation of Stockholm, and nearby are the main attractions of the city.