During a career spanning two decades, he has taken pictures of everyone from the Queen and Tony Blair to nudes covered in fried eggs and wrapped in clingfilm — but when it comes to interior design, Rankin appears to have a rather more conservative side.

The Glasgow-born photographer never set out to become a property developer. But he found himself obliged to assume the role three years ago, after paying £2.75m for a derelict warehouse in Kentish Town, north London, which he intended to turn into a studio, gallery and flat for himself.

The planners at Camden council had other ideas, however. When Rankin, 43, put in his application to convert the building, he was told that it had also to contain affordable housing: 11 one-bedroom flats at knockdown prices (for north London, anyway). Suddenly, he was embarking on a new career.

So, what do flats designed by a man who has prided himself on putting “two fingers up to the photography establishment” actually look like? Surprisingly normal. With their plain white walls, standard fittings and neutral furnishings, they could have dropped out of any newly refurbished student accommodation block.

So is Rankin, who once published a naked self-portrait of himself kissing his own body double, going soft? “Everyone says you have to make things simple and not put your own personality into it, that people want to personalise their homes themselves,” he explains.

As he takes me on a tour of the building, he seems remarkably fired up, despite a hectic few days in which he has photographed Lindsay Lohan and married the model Tuuli Shipster, 26. That was only the quiet family ceremony in Hampshire;he is preparing for a second, celebtastic wedding to be held the next weekend. He fumbles in his shirt pocket for his ring with the words: “Sorry, I’m still getting used to calling her my wife.”

Born John Rankin Waddell, he is renowned for his energy and attitude — much of which he channelled into Dazed and Confused, an alternative fashion magazine he started in 1991 with his friend Jefferson Hack, Kate Moss’s former flame and the father of her child. Rankin’s talent for celebrity portraits and graphic design helped the publication to achieve its status, and he remains involved in its production, even if he admits he is “too old for Dazed”.

More recently, he has done the photographs for several high-profile advertisements, among them Dove’s acclaimed “real women” campaign. He has also shot political heavyweights (Mikhail Gorbachev is his favourite) and Hollywood stars (Robert Downey Jr gets his vote). Oh, and turned his hand to publishing and film production — although his latest venture, The Lives of the Saints, failed to impress critics.

He is now preparing a retrospective of his work at the Old Truman Brewery, on Brick Lane, east London, opening on July 31. It will include Rankin Live, a project to photograph 1,000 “real” British people for charity. Prospective subjects are asked to send shots of themselves to rankinlive.com, with an explanation of why their look “defines our time”.

Rankin says he has spent “three and a bit million” on the building, named Annroy in honour of his late parents, Anne and Roy Waddell, and has been as hands-on with the architects and builders as he is in his day job. “I wanted people to feel it was a photographer’s building. I wanted to make people think of a roll of film, of a contact sheet, when they saw the outside.” He also insisted on floor-to-ceiling windows, ensuring that every room is flooded with natural light.

Prices for the 11 flats — which Rankin describes as “good crash pads” — start at £195,000 for a 388 sq ft one-bedder, rising to £320,000 for a 704 sq ft one with two bedrooms. They have a separate entrance from the studio and gallery — which will also house his 20 or so office staff — but Rankin says the owners will be welcome to visit. They will also be invited to monthly private views at the gallery. “I don’t want them to be separate from us — I want it to feel like a community.”

Each new resident will be given an original print of a flower series he made specially for the building to hang outside their door. “I just wanted something extra for the flats,” he says, estimating the value of each image to be about £3,000.

So far, Annroy is still very much a building site, with only a selection of show flats ready — furnished with Rankin’s own possessions, taken from his country house in Hertfordshire. These include a print of blown-up frames of Robert De Niro in Taxi Driver and a signed Damien Hirst “spot” painting — a gift from the artist. “I’ve done him favours throughout his career,” Rankin says. “I’ve always done photos for him for free, and in return he has always given me his work.”

Above the studio is the 2,300 sq ft penthouse, which has a double-height central living room, walk-in wardrobes and a near 360-degree view of London, taking in Canary Wharf and the London Eye. When it is finished, Rankin will live here with Shipster and Lyle, his 13-year-old son from his first marriage, to the actress Kate Hardie. The Finnish-born Shipster has been Rankin’s muse for several years; her silhouette appears on the cover of Devil May Care, the latest James Bond book.

This spring, Rankin was reported to have had “sleepless nights” over the project because none of the flats had sold. He claims he was misquoted. “All I said was that I was nervous about the recession — everyone is,” he says. “We haven’t tried to sell any flats, until they are presentable.”

Even so, the current prices are considerably below the £240,000-£375,000 at which they were initially going to be sold.

If it all works out, would he continue to develop buildings? Yes: his first project would be a house for himself in the country, with an archive for his life’s work. As for building more flats, he says, “If I am successful in selling these, next time I’ll put a bit more of my personality in the decoration.”

The Annroy flats are being sold through Oliver’s Town; 020 7284 1222, oliverstown.com

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