The redevelopment will see a single 17 storey 250,000 square foot building replace the three existing buildings currently on the site, providing high specification office space and retail accommodation.
The development at 1 New Street is sited alongside Land Securities' New Street Square development. Land Securities hopes it will attract restaurants and retailers to the area and enhance pedestrian access.
During the planning application process the frontage of the building was redesigned to improve its external appearance.The developer also had to agree a number of mitigation measures, including contributions to the Crossrail project, transportand affordable housing.
“New Street Square has become an important London location and has helped put Midtown on the map" said Colette O’Shea, head of development, London portfolio at Land Securities.
"It will bring much needed grade A office space to London in 2016 and help maintain London’s reputation as an attractive place to work.”
Work is expected to start in 2013 and completion is expected in 2016.
