A joint venture between a Meyer Bergman-advised investment fund and Warrior Group aims to give the once grand Grade II-listed department store in Bayswater a new lease of life.
The Foster + Partners designed £1bn mixed-use scheme will see 500,000-plus sq ft of homes and shops built behind the existing 1911 facade.
Under the revised plans two controversial residential towers will be dropped a floor and the number of one and two bedroom flats increased from 44 to 78 while larger four bedroom homes will be reduced from 37 to seven.
The scheme will open onto Queensway, which is also planned to undergo a £50m revamp.
Under the section 106 agreement the developer has agreed to fund £6m of public realm improvements and £6m for affordable housing.