Foyles, the family-owned bookshop, is set to move its flagship London store up the road from its current site near Leicester Square in the West End.
Noved Investment Holdings, a Foyle family property holding company, has bought the 74,780 sq ft building at 107-109 Charing Cross Rd, close to the current flagship site at 113-119.
The store will make the move in about two years, with building work expected to begin by the end of this year. The current owner – the University of the Arts, which uses the space to house the Central St Martins School of Art – will leave for its new home at King's Cross in August.
Foyles' chief executive, Sam Husain, said: "This is a wonderful opportunity for Foyles to create a modern, purpose-built flagship store and guarantee the future of bookselling on London's Charing Cross Road."
Noved is currently in talks with the US developer Hines over its plans, and the two are set to lodge a formal application with Westminster City Council shortly.
Foyles was founded in 1903 by William and Gilbert Foyle, moving to Charing Cross Rd in 1906. It will open its sixth branch, in Bristol, in March.