The Fitzrovia skyline is set to change.
The ‘Saatchi Block’ will be knocked down and redeveloped to make space for offices and homes.
Plans to demolish the Saatchi & Saatchi offices in Central London have been approved by Mayor Boris Johnson.
The £125 million project was initially rejected by Camden council in May but the Mayor overturned the decision because the move could bring economic prosperity to the region.
Situated at 80 Charlotte Street and 65 Whitfield Street, the advertising agency’s headquarters will be knocked down to create 35,000 square metres of office space, 4,500 square metres of commercial space and about 60 new homes.
Mayor Johnson said: “The capital’s ad-land, centred around Charlotte Street, has developed an international reputation for creativity and I have no doubt that its redevelopment can only be good news for both the West End and the wider London economy.”
John Burns. chief executive of Derwent, the developer in charge of revamping the space, said: “This is a significant scheme for the group and gives us the opportunity to transform the existing buildings into high quality offices that will form an exciting new office hub in keeping with the Derwent brand.”
As part of the approval the firm will have to contribute £1.6 million to Crossrail and invest £120,000 on local education and community facilities in the Fitzrovia area. It will also put up £150,000 for street improvements and provide space for 226 cycles.
The scheme is expected to be completed by late 2015.