Shaftesbury has obtained approval from Westminster City Council’s planning committee for a £32m refurbishment at 72 Broadwick Street, W1.
Works on the 70,000 sq ft site are expected to start in September, to complete in late 2021.
The REIT said that existing retail space fronting Carnaby Street, extending to 13,900 sq ft, will be largely unaffected by the scheme.
The building will host retail, restaurant, office, residential and leisure uses and more residential accommodation.
Its existing entrances will be relocated to upper floors, while office space will be extended and refurbished.
The residential element will also be reconstructed and expanded from 11 to 15 floors.
Shaftesbury added that the scheme will also deliver “major sustainability and aesthetic benefits”.
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