The proposals by developer Almacantar and partner Frogmore Estates for the 34-storey Grade II listed office tower include a conversion into 82 new luxury flats as well as restaurants, bars and shops. A nearby pub will be converted into an 11-storey building to comprise 13 affordable homes above restaurants, bars and shops.
The developer had previously submitted plans for the redevelopment in June last year. The Council refused the plans in September due to concerns over the impact on the road network and a lack of justification for insufficient on-site affordable housing provision.
The developer subsequently submitted its revised plans in April this year which included on-site provision of affordable housing located in the redevelopment of a pub building across the road.
They had also removed proposals for a public square, which had been the cause of the road network concerns.
The Council's planning officers said in the committee report (136-page / 4.79MB PDF) that the proposed loss of office space was considered to be "acceptable and appropriate given the site context". They said that the developer had agreed to make a Section 106 contribution of £915,993 to mitigate the loss of employment opportunities for Camden residents.
The grant of planning permission will be subject to a Section 106 Agreement under which the developer will be obliged to make financial contributions including £3.17m for public realm improvements, £1m towards the Tottenham Court Road two way working scheme, £1m towards community facilities and £310,735 towards education.
Almacantar has further been reported by EGi to be under offer to buy a 190,000 square feet office block at 125 Shaftesbury Avenue in London's West End for a potential major redevelopment.
