Exemplar has secured approval from the Mayor of London to redevelop the London Fruit and Wool Exchange building in Spitalfields.
London Mayor Boris Johnson approved the plan, overturning the decision taken earlier in June 2012 by Tower Hamlets Council in the UK.
Designed by Bennetts Associates, the proposed scheme will feature 300,000ft² of new space including 270,000ft² of offices and SME workspace and 30,000ft² of retail and restaurant space.
As per the plans, the current multi-storey car park and Spitalfields building will be demolished to develop a six-storey building and new pavilion.
Plans also include areas for public art and the creation of a public walkway across the site.
The existing facade of the building will be retained and a contribution of £2m towards Crossrail will be generated by the plans.
Rab Bennetts, the architect behind the project, said the building is important, both for Spitalfields and for Bennetts Associates, as it shows how a major commercial property can form the backdrop to a lively conservation area and to Hawksmoor’s Christ Church.
"By integrating the best of the existing building into the project, the design retains historical links with the market and adopts a form that would otherwise not have been possible," Bennetts said.
Bennetts Associates said that the overall aim of the design is to improve the surrounding conservation area and introduce the contemporary architecture of brick, precast concrete and metal louvres alongside the retained main facade of the Fruit & Wool Exchange on Brushfield Street.
The development will incorporate green roofs and photo-voltaic panels and is expected to achieve a BREEAM ‘Excellent’ rating.
Exemplar expects to complete the redevelopment in 2015.
Image: The proposed scheme will feature 300,000ft² of new space including 270,000ft² of offices and SME workspace. Photo: Bennetts Associates Architects.