Westminster city councillors voted unanimously to back plans to develop the Mayfair building, understood to have been sold for over £400 million to property firm Lazari Investments.
The store first opened its doors on New Bond Street in 1891 and was closed for good in February.
At a planning meeting considering the scheme for the building on Tuesday, councillors raised concerns over its bulk but praised Lazari for retaining 75 per cent of the historic façades and half of the existing building.
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