An eighties riverside office block with some of the most spectacular views in central London is to be converted into luxury apartments after being sold for £40.8 million.
Westminster Tower on Albert Embankment and overlooking the Houses of Parliament is being bought by developer London Square from property investment company CLS.
The building comes with planning permission to create 25 apartments, three penthouses and recreation areas. It could be worth a total of £150 million when completed. The conversion will create three new storeys.
CLS boss Fredrik Widlund said: "We remain focused on having the highest quality, sustainable, modern offices in our locations.
“Westminster Tower was no longer suitable for the modern office tenants we look to service, but is a prime opportunity for residential conversion, and I wish London Square all the success with the conversion. The disposal is in line with our strategy to reduce leverage and we will continue to pursue potential disposals in the months ahead."
Abu Dhabi-backed London Square said in a statement “The acquisition of Westminster Tower is an outstanding addition to our growing portfolio of sites, reflecting our ambition to extend the presence of London Square in prime central London.
“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.”
JLL advised CLS on the transaction, which is expected to close before the end of June.
Shares in London-listed CLS were steady today at 84p.
