The famous House of Fraser store on London’s Oxford Street is to become an office-led, mixed-use premises.

The conversion of the landmark art deco building is the latest example of the repurposing of department store space as the format faces challenges and following the collapse of some groups.

Planning permission was granted last week for refurbishment and extension of the shop at 318 Oxford Street, creating six floors of offices along with ”flagship retail and leisure uses” on the lower floors and a rooftop restaurant which, at 17,000 sq ft, will be one of the largest rooftop venues in London. Work will begin early next year. There will be a health club across part of the basement, ground and first floors.

Property group Cushman &Wakefield managing partner for London and the South East, Richard Howard , said: “This hugely exciting scheme offers businesses the chance to occupy an iconic building with large, feature-led floorplates, that have been adapted for today’s times.

”The huge entrance halls, the gym with large swimming pool, the winter gardens and the rooftop restaurant, all located in the heart of the West End, will certainly be a hugely compelling offer.”

Property advisor P-Three co-founder Thomas Rose said: “This building represents one of the small number of island sites on Oxford Street giving the opportunity to create a truly flagship retail location with significant frontage and an incredible location between Bond Street and Oxford Circus.

”On the roof, we will be creating one of the largest restaurant terraces in London for customers to enjoy a 360-degree view across London and will be seeking to work with an outstanding occupier to celebrate this famous building.”

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