Taylor Wimpey buys Lambeth Road site for £30 million

In 2013 the Royal Pharmaceutical Society sold its purpose-built headquarters at the corner of Lambeth Road and Lambeth High Street to Real Estate Resolutions for around £15 million.

Last November Lambeth councillors approved plans to redevelop the site with 55 luxury homes and 14 affordable flats.

Now the development – known as 'Palace View' – has been bought by Taylor Wimpey for more than £30 million.

Matt Sharman from Levy Real Estate, which advised RER on the sale, said: "There was tremendous interest in the site.

"RER have designed a fabulous scheme with unspoilt views of Lambeth Palace, The Houses of Parliament, the London Eye and the Shard.

"It provides a great opportunity to develop a landmark building in an area where values continue to rise".