New building, expected to be completed in 2018, will provide a base for awards ceremonies and house a museum

A simulation of a view towards Nybrokajen, including the Nobel Centre building, in Stockholm, Sweden. Photograph: AFP/Getty Images

The Nobel Foundation has unveiled the winning design for a building that will give the world's most prestigious prize a home for the first time in its 114-year history.

The foundation hopes to inaugurate the 25,000 sq metre building in 2018, when it is expected to house nearly all its activities, including the Nobel prize ceremony and the Nobel museum.

"The winner of the architecture competition of the Nobel Centre is David Chipperfield Architects in Berlin," the foundation's executive director Lars Heikensten said.

A computer-generated view of the inside of the building. Photograph: AFP/Getty

The building, with a 1.2bn kronor (£110m) budget, will be built in a historic district, surrounded by water and near some of the city's main museums and landmarks.

It will gather all the foundation's activities, which are currently scattered around the city, except the Nobel banquet, which will remain in the city hall.

The Nobel prize ceremony, traditionally held on 10 December at the Stockholm Concert Hall, will move to the new venue, as well as the Nobel museum and the Nobel Foundation offices. 

The planned view from the Nobel Garden to the building. Photograph: AFP/Getty

The Nobel Centre will also house a library, several conference rooms and educational space for school visits. 

The building, with a bronze, stone and glass facade, will attempt to reflect some of the Nobel aspirations, according to the winning architects.

"It has a certain classical simplicity and solidity," British architect David Chipperfield said.

"It tries to find a balance between being solid on the one hand and transparent on the other." 

A simulation of the exterior of the building at night. Photograph: AFP/Getty Images

Two-thirds of the project's budget is already secured by private donations.

The creation of a home for the Nobel prize has been discussed ever since the awards were first handed out in Stockholm in 1901.

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