The plans include the redevelopment of the existing five storey building to add an extra storey and provide a total of 4,448 square metres of residential floorspace.
CPC Group bought the site in 2008. The building is currently let to the Chartered Institute of Management Accountants on a lease which is due to expire in 2015.
The Council's strategic director of built environment said in the committee report (35-page / 6.84MB PDF) that the developer had agreed to make a contribution of £1.19 million to the Council's affordable housing fund. This would be in lieu of providing on or off-site affordable housing which viability assessments had shown would make the scheme unviable.
Final planning permission will be subject to the completion of a Section 106 agreement under which the developer will also be required to make infrastructure contributions including a parking mitigation payment and the provision of highway works.
