The investment bank aims to build a 1.2m sq ft office complex near Holborn Viaduct in central London on the site of the existing 13-storey Fleet Building at Shoe Lane.

Goldham Sach’s development arm estimates the nine-storey building would take around four years to build, including demolition, and employ around 500 construction workers annually.

Full planning is subject to a formal response from the London Mayor and a section 106 agreement.

Once cleared, Goldman Sachs will go ahead with the demolition of the empty 1960s former telephone exchange that fronts Farringdon Street and Shoe Lane. Construction is then expected to start in early 2014.

The project team includes architect Kohn Pedersen Fox Associates, cost consultant EC Harris and structural engineer WSP.

The area is currently being revitalised with several major office schemes in the pipeline ahead of the Crossrail’s Farringdon station opening as a major London transport interchange.

Existing former telephone exchange building awaiting demolition.