Westminster Tower scheme on banks of river Thames will include three penthouses
Developer London Square has said it will turn a 1980s riverside building overlooking the Houses of Parliament into luxury apartments after buying the block for £41m.
Westminster Tower is located at the southern end of Lambeth Bridge on the Albert Embankment and is currently used as office space.
London Square has bought the building from property investment firm CLS who said the scheme already comes with planning permission for the residential conversion as well as approval to build an extra three floors.
Abu Dhabi-backed London Square plans to build 25 apartments, areas for recreation, as well as three penthouses.
London Square said: “It stands next to the Thames, with views right across to the Palace of Westminster, Big Ben and other historic landmarks and will offer a collection of unrivalled residences in the heart of the capital.”
The deal is expected to complete by the end of June.
Established in 2010, London Square is perhaps best known for its Nine Elms development in the south-east of the capital. It is also the owner of Square Roots, a for-profit registered provider of social housing, which posted an £808,000 loss in its first year in business.
In December, London Square was bought by the largest real estate group in Abu Dhabi, Aldar Properties, in a deal worth £230m.
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