Developers of a run down 1980s office block next to Lambeth Palace have been given the green light to convert it into luxury apartments with direct views over the Houses of Parliament.
The 17 storey Westminster Tower, which was built in 1983 but is no longer considered suitable for office occupiers, will have 30 apartments, including two penthouses, when it completes in 2026.
Prices range from around £1.8 million for two bedroom homes on the lower floors, to £6.5 million for three beds on the 14th floor.
Prices for the penthouse and 4,300 sq ft duplex on the top storeys have not yet been revealed. Average pricing across the Albert Embankment scheme, which will be one of the closest residential developments to the Palace of Westminster, is expected to be between £2,800 and £2,850 per sq ft, giving a total gross development value of around £150 million.
Final planning consent for the conversion, which includes the addition of three extra floors, was approved by Lambeth council earlier this week.
The work will include stripping off the current brick red exterior cladding back to the concrete frame of the building before being given a new facade. Each apartment will have floor to ceiling windows. Residents will have access to facilities such as a gym and a cinema room.
There is no affordable housing in the building although a cash contribution to housing will be made to the council as part of the original planning consent deal.
The building was constructed on the site of the former art deco headquarters of the Doulton ceramics company and under previous ownership was going to be rebadged The Doulton.
Abu Dhabi owned developers Aldar bought the tower for £40.8 million from CLS Holdings in April. Aldar acquired the London Square property company at the end of last year. to boost its presence in the capital. It has since snapped up 11 other London sites including Surrey County Hall in Kingston.
Jonathan Emery, CEO of Aldar Development, said: “Since acquiring London Square last year, Aldar has supported the expansion of the company’s development pipeline, purchasing twelve new sites in prime areas of the city that will deliver thousands of new homes across all segments of the market in the coming years. Westminster Tower is one of the first developments launched by London Square following the acquisition and signals a move into the prime London market for the first time.”
Adam Lawrence, Chief Executive Officer of London Square, stated: “Positioned in one of the most globally recognised areas of the capital and destined to be an outstanding addition to London’s skyline, Westminster Tower will become a signature development for our business, reflecting our track record and expertise in the delivery of exceptional homes that will excite buyers within the prime residential market.”
