Derwent London has been granted planning permission by the Mayor of London for a £125m mixed use development at 80 Charlotte Street, Fitzrovia W1.
The 367,000 sq ft redevelopment will include 336,000 sq ft of office, residential and retail space at 80 Charlotte Street and 31,000 sq ft of residential at nearby 65 Whitfield Street and 1-8 Whitfield Place.
Completion is scheduled for 2015.
The project was initially rejected by Camden council, against the recommendations of its planning office, but London mayor Boris Johnson overturned the decision and approved the project on the basis that it was “vital to the prosperity of this part of the capital and to London’s wider economy”.
His approval was conditional, however, on a £1.6m contribution to the Crossrail scheme, plus a further £120,000 for local education and community facilities and £150,000 for street improvements and highway works - including better signage and 226 cycle parking spaces.
The scheme has been designed by architects Make and will be part refurbishment and part new build with a substantial proportion of the existing structures retained.
80 Charlotte Street is let to advertising agency Saatchi & Saatchi until March 2013.
Mayor Johnson said: “For decades these buildings have been the locus from which some of the most eye-catching and memorable British advertising campaigns have sprung. The capital's adland, centred around Charlotte Street, has developed an international reputation for creativity and I have no doubt that its redevelopment can only be good news for both the West End and the wider London economy. As well as providing a vital contribution to Crossrail and a boost to the construction industry, I welcome the fact that there will be considerable investment into the local community as a result. I can find no reason to refuse permission and am of the firm view that this ambitious and important redevelopment should go ahead.”