Plans for a 15-storey tower opposite Christ Church in Blackfriars Road have been submitted to Southwark Council by Great Portland Estates.
The planning application follows the news that Great Portland Estates have purchased the remaining portion of the site between Southwark Street and Burrell Street that they didn't already own from social enterprise Novas Group for £3 million.
Novas Group recently refurbished the building which is currently occupied by Cafe Arlington and the Elspeth Kyle Gallery.
Great Portland Estates purchased the adjoining properties for £11 million last November.
The proposed 15 storey office building, designed by Allford Hall Monaghan Morris, will incorporate flexible 12,000 sq ft floors and 2,300 sq ft of retail and restaurant accommodation. An adjoining residential building will provide 10 apartments.
"240 Blackfriars Road, an important part of our medium-term development programme, will play a key role in the regeneration of this part of the south bank," says GPE chief executive Toby Courtauld.
The north end of Blackfriars Road is under significant development pressure, with the proposed 68-storey Beetham tower and another high-rise development proposed by Land Securities on the west side of Blackfriars Road between Christ Church and Stamford Street.
Developers Derwent Valley Holdings last month won planning permission to redevelop the Wedge House site currently occupied by the Benefits Agency with a 10-storey office block designed by Alex Lifschutz.