Plans have been approved to create a new £140 million building for the London School of Economics and Political Science (LSE).

The scheme will see the former home of Cancer Research UK, 44 Lincoln's Inn Fields, demolished to make way for a new building to be known as The Marshall Building.

Designed by Grafton Architects, the new 10-storey structure will feature two basement levels, with 18,124 sq m of Class D1 Use educational floorspace.

The facility will contain The Marshall Institute for Philanthropy and Social Entrepreneurship, as well as the academic departments of Accounting, Finance and Management, teaching facilities, sports and arts rehearsal facilities. In addition, a Sports England standard multi-purpose sports hall will be developed for use by staff and students.

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Demolition is due to begin later in 2017 with the building expected to be completed in early 2021.

The redevelopment is being carried out as part of the School's estates improvement programme.

Director of Estates Julian Robinson said: "This is a major milestone in the delivery of our ambitious Estates Strategy, which seeks to create a world class estate and a university quarter fully integrated with the public realm.

"Our design brief called for a seminal university building and Westminster City Council have recognised that a combination of an outstanding architect and a committed client will deliver this vision."

(LM/JP)