UBS Global Asset Management acquired the building for £25m in May 2013 and with planning now approved, the renovation project is scheduled to be completed by the end of this year.
Westminster City Council has granted planning permission for UBS Global Asset Management to renovate a seven-storey office building at the corner of Golden Square.
12 Golden Square will be refurbished to provide 26,800 sq ft of West End office space. As part of the scheme developed by Tate Hindle Architects, the front elevation will be transformed, with the projecting bay windows replaced by simpler window frames.
The overall effect will be to update the appearance with a more contemporary re-interpretation of the Georgian architecture of the surrounding buildings. The current post-modern building was built in the 1990s and is situated close to Piccadilly Circus and Carnaby Street.
Formerly occupied by United International Pictures, the W1 office rental is held within UBS Global Asset Management's Central London Office Value Added fund. UBS bought the building for £25m almost a year ago in May 2013.
Sam Sananes, Portfolio Manager for the UBS-CLOVA fund, explained that the deal will offer "fantastic space on floorplates of around 4,000 sq ft" and "superb roof terraces on the fourth and sixth floors"
Sananes went on to highlight the significance of the deal during the current undersupply of office space in Soho - "one of the best addresses in London's West End."
The finished scheme will also boast 5,500 sq ft of shell and core space on the ground and lower ground floors. The architects have envisaged that this retail space will become shops, showrooms or an art gallery.
With planning now approved, the refurbishment project is due to be completed by the end of this year.