Australian property developer Third.i has acquired a 47,000 sq ft 14-storey office block on the bank of the River Thames — which was previously a Royal Doulton manufacturing site — for residential redevelopment.
Alongside building partners, Ant Yapi, Third.i plans to transform the building — known as Westminster Towers — into private residential units with planning permission approved by Lambeth council for 28 apartments.
The development will be made up of three lateral whole-floor penthouses with 360-degree views, 25 two- and three-bedroom apartments, all with direct views across the Thames via floor to ceiling double height glass windows, 18 parking spaces and just over 3,000 sq ft of commercial space.
The building will also have health and wellness facilities on the second floor including a private gym, yoga and pilates studio and an infrared sauna — while on the ground floor a lounge area, meeting room, workspace, concierge desk and communal terrace is planned.
With its sales launch planned for mid-September this year, the building will be renamed ‘The Doulton’ in recognition of the site’s history as a Royal Doulton manufacturing site.
The purchase follows Third.i’s debut project in Battersea in 2018 followed by Graphite Square in Vauxhall which is due to launch in the UK later this year.
The developer has doubled its team in the last two years and is on track to acquire three additional sites by the end of 2024 in London, which combined will add a GDV of more than £800m.
Ron Dadd, co-founder of Third.i (pictured above), commented: “We are delighted to have exchanged on this landmark building in a challenging market.
“This acquisition reconfirms our continued confidence in London’s prime real estate market, adding to our fast-growing fleet of luxury schemes in the UK.”