News: the Design Museum in London has sold its Thames-side building to architect Zaha Hadid for use as an archive of her studio's architecture.

The former banana warehouse at Shad Thames has been the home of the Design Museum for 24 years but will be handed over to Zaha Hadid Architects in 2015, once the museum moves to its new location at the Commonwealth Institute in west London following a renovation by John Pawson.

In a deal understood to be worth £10 million, Hadid will transform the building into a venue for architecture exhibitions.

"The building will give an opportunity to consolidate our archive in a single location and also engage in a collective dialogue by exhibiting the research and innovation of global collaborations in art, architecture and design," she told UK weekly the Architects' Journal.

Museum director Deyan Sudjic commented: "Whilst we are sad to be leaving Shad Thames we are leaving the building in the best possible hands. The sale is a significant moment in the museum's relocation plans and a substantial contribution towards our new home."

The Design Museum unveiled the plans for its new building at the start of 2012, which will triple its current exhibition areas and provide an auditorium and a library.

See more stories about the Design Museum »

See more stories about Zaha Hadid »