Planning officials at Belfast City Council have approved the demolition of Norwich Union House, close to the home of Primark, to make way for a seven-storey development.
The project, which was approved at last night's planning committee, will comprise 230,730 sq ft of floorspace on six levels of B1 grade offices over a ground floor made up of retail, cafe and restaurant units.
Underground car parking with 37 spaces is also included in the plans.
Norwich Union House was built in 1962 and occupies part of Castle Street and Fountain Street.
The application was brought forward by ES NUH Ltd, a development company associated with Co Tyrone construction giant McAleer and Rushe.
The application originally proposed a 174-bedroom hotel as part of the redevelopment proposals. However, this element was removed from the scheme and replaced by additional office accommodation.