Westminster City Council has given the go-ahead for the demolition of the Swiss Centre in London's Leicester Square to make way for a 200,000sq ft mixed-use development.
Owners McAleer & Rushe bought the landmark site from British Land in 2004 for a reputed £47m and submitted plans to develop the 112,000sq ft building as a mixed-use scheme in March.
Plans are said to include a 230-bedroom four-star hotel, alongside 16,000 sq ft of retail and 10 penthouse apartments. The 40,000 sq ft basement, split across three levels, is expected to contain restaurants and a casino.
CB Richard Ellis, the agent acting for the leisure side of the development was unable to comment, while Jones Lang LaSalle, acting for the hotel space, said it had already received a huge amount of interest from potential operators.
The replacement of the Swiss Centre on the corner of Leicester Square facing towards Piccadilly Circus is at the heart of Westminster City Council's plans for the regeneration of the area.
By Matt Batham