Ten fire engines and 72 firefighters battled the flames on the site near to Oxford Circus, which is being revamped by specialist contractor Icon 1992.
They set up a 25m exclusion zone as the battled the blaze amid fears gas cylinders would explode. Despite being extinguished within an hour large plumes of smoke could be seen for miles across the city.
The basement, ground, first and second floors of the building were damaged in the blaze, which began at about 12.30 in the afternoon.
The development for Great Marlborough Estates is a mixed-use conversion and refurbishment scheme comprising 17 apartments and a ground floor restaurant. Work started in the summer of last year and was due to finish by early December this year.
Fire chief are now investigating the cause of the fire which got a grip while workers were at the site.
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