Westminster City Council's Planning Applications Committee in the UK has granted permission for Transport for London (TfL) to develop 55 Broadway, a Grade I listed building overlooking St James's Park in London.
Approval allows TfL to proceed with its transformation plans for the iconic building, which was formerly the headquarters for London Underground.
The office building is likely to be revamped into a landmark residential-led development offering affordable housing; however, it will retain 1,308m² of office space, TfL said.
This redevelopment initiative is in-line with TfL's ongoing strategy to derive £3.4bn from non-fare revenues in the next ten years, to be reinvested in developing transport networks.
TfL Commercial Development director Graeme Craig said: "I am delighted that 55 Broadway can now be brought forward for development, generating significant sums to reinvest back into the transport network whilst helping us bear down on fares.
"The building is a part of our heritage, and its redevelopment will also enable us to preserve and enhance its historic features."
According to the approved plan, TfL will be responsible for delivering 23.5% of affordable and social housing, including family-sized homes.
Federal consent entitles the local government body in Greater London to retain the building's heritage and reinstate Charles Holden's original design at the ground floor.
Between 1927 and 1929, Charles Holden designed the building, as the headquarters for the Underground Electric Railways Company of London (UERL), the forerunner of London Underground.
Redevelopment plans for the property will also result in the expansion of retail space at St James's Park Tube station, along with improved quality.
TfL has shortlisted 16 companies as potential development partners for the building.
Design of the transformation scheme will be by Architect TateHindle, who was selected through a competititve process last year.