A property investment company will convert an old office block into 139 apartments under Permitted Development legislation.
Palace Capital has secured consent on Hudson House in York, a former office building built in the 1960s.
The City of York Council has given Palace until May to begin the conversion.
Neil Sinclair, Chief Executive of Palace Capital, said: “We are currently evaluating our options in the light of this approval and the imminent secondary legislation as to how we create further value from this important asset and will keep shareholders updated on the progress that we make.
"When we acquired the property in 2013, we identified Hudson House as a key asset from which we were confident that we could create significant value for our shareholders.
“I am delighted with the progress that we are making.”
Palace, which focusses on property outside London and has a planning application to convert another building in York into 82 apartments, believes the city offers a strong residential market for both sales and lettings.
“There remain a number of other exciting opportunities within our property portfolio, where we are adding value through our active approach to asset management,” said Neil.
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