News: "An architecture challenge doesn't come much better than this," says David Chipperfield, who has been named winner in the competition to design a new home for the Nobel Prize in Stockholm (+ slideshow).

David Chipperfield Architects saw off competition from Swedish studios Wingårdh and Johan Celsing Arkitektkontor to land the prestigious commission to create the Nobel Center – an exhibition centre and events venue for the award that recognises advances in science and culture.

"I think all projects are important but this project has enormous meaning, not just for the city of Stockholm but internationally. An architecture challenge doesn't come much better than this," said Chipperfield.

The architect's vision is for a shimmering brass-clad building on the waterfront. It will be fully glazed on the ground floor, opening out to a new city park on the sunny south-eastern side of the site.

"The jury finds the lightness and openness of the building very appealing and consistent with the Nobel Foundation's explicit ambition to create an open and welcoming centre for the general public," said Nobel Foundation executive director Lars Heikensten, who was a member of the judging panel.

"We view the winning proposal as a concrete interpretation of the Nobel Prize as Sweden’s most important symbol in the world. Stockholm will gain a building – magnificent but without pomp, powerful yet graceful – with qualities like those the City Hall gave the capital a century ago."

Fellow jury member Per Wästberg added: "We view the winning proposal as a concrete interpretation of the Nobel Prize as Sweden's most important symbol in the world. Stockholm will gain a building – magnificent but without pomp, powerful yet graceful – with qualities like those the City Hall gave the capital a century ago."

As well as hosting the annual award ceremony each December, the building will provide a public centre for exhibitions, educational activities, events and meetings.

"It can be spectacular on its greatest night, but also it can be very useful and functional and working the rest of the year," said Chipperfield.