Workspace has received planning permission to redevelop Holywell Centre on Phipp Street, EC2A.
The existing building, comprising 1950 m2 of studio office space, will be replaced by a new 5100 m2 Workspace business centre at an estimated cost of £19m.
The new centre has been designed to complement the traditional warehouse characteristics of the local South Shoreditch conservation area.
Workspace chief executive Jamie Hopkins said: “Holywell Centre is one of the properties we had previously identified to be upgraded and enhanced, in line with our strategy of creating added value from the existing portfolio. Having been granted planning permission for its redevelopment, we will create a flagship Shoreditch business hub, transforming the building into a dynamic home for some of London’s most exciting businesses in a hotspot of growth and innovation.”