Event company Number One Venues (NOV) – led by Phil Pike, formerly of the Tussauds Group – has secured planning approval from Westminster City Council to turn a central London site into a £5m corporate and indoor sporting events venue.

Occupying 30,000sq ft (2,800sq m), Number One Piccadilly – also known as the London Pavilion – is a listed building on a triangular site bounded by Shaftesbury Avenue, Great Windmill Street and Piccadilly Circus.

The building’s owner, Burford Group, has previously considered a number of options for the space. “Number One Venues’ concept is the first one which not only envisages a versatile and stunning interior but also provides a unique new venue for the heart of London,” said Burford’s director Mark Boyes.

NOV intends to create a facility with five floors with a total capacity of 1,000 people, including a 500-seated separate hospitality area alongside a 500-seat auditorium which could be used for sporting fixtures such as boxing or snooker.

The developers have spent three years researching the market and claim Number One Piccadilly – which used to be occupied by Rock Circus – will be unique to the capital in terms of the flexibility of its venue space.

The development will be funded by NOV’s equity partner, Lombard Capital and the site is scheduled to open in January 2006.