John Lewis was granted permission from Westminster City Council to convert almost half its flagship Oxford Street store into office space.
The approval would see the retailer convert the third to eighth floors into offices, a total of more than 300,000 sq ft.
Real estate adviser Altus Group said the overall property had a rateable value of £19.9m, the third-highest value for retail in England.
In 2021, John Lewis went on to announce the permanent closure of eight stores across the UK, including sites in Aberdeen, Peterborough, Sheffield and York.
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