The UK's Birmingham City Council has granted planning permission to the Property Income Fund II (UKPIF II) under Legal & General Property (LGP) for the refurbishment of the city's Temple Court building.
According to the proposed redevelopment, the office building will have major internal refurbishments on the existing six floors along with construction of an additional seventh floor.
The current building was built in the 1920s as a Lewis's department store, and is located in the heart of the city centre, near to Birmingham New Street and Snowhill stations, and the proposed HS2 Curzon Street station.
Under the new development scheme, the building will offer around 110,000ft² of high-quality, Grade A, flexible office space featuring typical floorplates in excess of 16,000ft².
Designed by London-based EPR architects, the building will also have allotted spaces for cycle parking and shower facilities.
Refurbishment works are likely to start this month and are scheduled to be completed by late 2016.
UK Property Income Fund II fund manager Charlie Walker was quoted by the Birmingham Post as saying: "With strong growth in the Birmingham office market and the continued trend for major relocations to the city, the sensitive refurbishment of this landmark building will be an important step in meeting growing occupier demand.
"Providing some of the largest floor plates in the city and benefiting from excellent transport connectivity, the completed building will provide a unique proposition for Birmingham and appeal to a wide range of occupiers."