London development specialist CORE will undertake the scheme on behalf of the property’s overseas owner. Construction is expected to start later this year, with completion in early 2016.

The development, once the headquarters of the Automobile Association, has been designed by Make, and will retain parts of the façade  of the existing building, capped with a new contemporary bladed roof structure.

Three floors of new retail and restaurant space will serve the estimated 37 million people who visit Leicester Square annually, and 90,000  sq of new offices will be built.

David Ainsworth, director at CORE, said: “We are very pleased to be pressing ahead with this exciting project,
a landmark in the area, and part of the transformation of this part ofthe West End.

Frank Filskow, partner at Make said: “It’s fabulous to learn that the committee has given the go-ahead to our
proposals for 48 Leicester Square.

“We have designed a scheme to create a contemporary building in a sensitive and appropriate manner. It will continue the theme of wider regeneration in and around Leicester Square, begun with the new public realm work. It is a fantastic project and we are excited to be taking it forward.”