The proposals, by architects Allford Hall Monaghan Morris, include 271,000 sq ft of offices, retail and some private flats.

The planning permission includes full payment of the Crossrail levy, and a significant contribution for off-site affordable housing.

The main 16-storey building will be complemented by a mixture of new and refurbished five- and six-storey office buildings targeted at technology companies that are being attracted to this area, which has been dubbed ‘Silicon Roundabout”.

The project is the third in the Islington and city fringe area which Derwent idenified as offering ripe opportunities.

Bam Construct recently completed one at the Angel and John Sisk is presently working on a smaller scheme in the same area.

John Burns, chief executive at Derwent London, said: “We are delighted to have won this major planning consent, which follows closely on the heels of our recent planning success at 80 Charlotte Street, Fitzrovia.

“The proposed City Road Estate scheme, incorporating our White Collar Factory concept, will be an exciting new project for the group at this up-and-coming location that is proving highly appealing to the technology and media sectors.”