The Berkshire House project is the first office-to-residential private rented sector conversion to win approval in the UK.
The existing 1960s tower will be transformed with a striking external stainless steel meshed frame on the upper floors to soften the building’s appearance.
Built to investment grade quality, it will feature 68 PRS homes and a host of on-site amenities such as a ‘club-lounge’, top floor terrace and gym.
Construction will begin early in 2014.
Essential Living is the UK’s first developer and operator of rented homes and has a pipeline of over 1,500 properties across London and the South East.
Backed by $200m of equity from M3 Capital Partners, who manage U.S. institutional funds, the developer plans to design, build and manage a total of 5,000 rented homes across London and the South East.
The deal joins a portfolio that includes schemes in Swiss Cottage, Bethnal Green, Archway and Elephant and Castle.
Martin Bellinger, chief operating officer at Essential Living, said: “We’re delighted to have received approval for our plans to re-develop such an iconic yet underutilised building in Maidenhead.”