Derwent Valley has won consent from Hackney council to convert a 342,000 sq ft warehouse into offices.
Derwent bought Centric House in Shoreditch High Street, E1, last June for £21.7m.
Since then it has been working up plans to convert the building into two distinct blocks.
The larger Centric East, will comprise 159,000 sq ft (14,771m2) of offices, designed by architects ORMS. The second block, Centric West, will provide 123,000 sq ft (11,426m2) of offices and retail, designed by Allford Hall Monaghan Morris.
Located just north of the City, Derwent hopes that the scheme will benefit from the northern extension of the East London Line. Construction on this started last month and it is due to open in 2006.
John Burns, Derwent’s managing director, said: “We are delighted that Hackney Council shares our vision for Shoreditch as an extension of the City.”
The proposed conversion was backed by the local authority’s “Invest in Hackney” initiative.
