Joint developers Exemplar and Bedford Estates have gained planning for a 120,000 sq ft office and retail building near Centre Point in London.

The One Bedford Avenue building plans were drawn up by Bennetts Associates, and will see the old Time Out magazine building demolished to make way for the eight storey block on the lower east side of Tottenham Court Road.

Construction Sir Robert McAlpine and Mace are understood to be among several firms eyeing the mixed-use development.

Exemplar are currently building Fitzroy Place on the site of the former Middlesex Hospital which Sir Robert McAlpine is due to be completed by September 2014.