Westminster Tower in London will be designed into premium homes with penthouses

The UK luxury real estate market shows a steady demand for premium housing. Despite rising prices and mortgage rates, luxury apartments are in high demand and are being sold quickly, which may indicate that premium properties are worth buying. One of these projects will be Third.i's The Doulton building.

Australian developer, Third.i has bought the Westminster Tower of the former Royal Doulton manufactory on the banks of the River Thames, where 3 penthouses and 25 apartments with 2-3 bedrooms will sit after the renovation. The developer also plans to buy 3 more premium property complexes in London.

The project has been named The Doulton and sales are scheduled to start in mid-September 2023

Currently, the building consists of 14 floors of 47,000 square feet of office space. The company is planning an internal redevelopment to turn the property into premium residential homes. At the very top there will be 3 penthouses with 360-degree views of London, and 25 apartments with 2-3 bedrooms and panoramic windows below. An 18-space parking lot and 3,300 square feet of commercial space will also be developed downstairs.

The ground floor will have a recreation area, a conference room, a breakfast room and a concierge, as well as a communal terrace for all residents to enjoy. The second floor will have a private gym, a yoga and pilates studio, and an infrared sauna.

The project will be the third major development from the Third.i developer. In 2018, the company bought a building in Battersea and then later a building in Vauxhall. By the end of 2024, the company plans to acquire 3 more buildings, which will also be premium project.

Despite rising mortgage rates within the UK property market, premium properties continue to be in high demand. Under previous COVID conditions, luxury real estate was bought and sold quickly, and now the situation is repeating itself. Experts cannot say with high accuracy whether there will be a fall or rise in real estate prices in the coming years, so at this stage, the purchase of luxury apartments can be a profitable acquisition.

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Amit Seth

Managing Director