The proposal - which would get rid of the building once described by the Prince as being 'like a word processor' - will see an ambitious new office scheme built on the north bank site near London Bridge.
The scheme, which won the green light from Corporation of London planners yesterday evening, will provide 54,500m 2of new office space for the City and is expected to start on site at the end of this year.
However, the most interesting aspect of the whole development will be the bulldozers taking down the Mondial House telephone exchange, which was designed by Hubbard Ford & Partners' London office in 1969.
It rose to prominence after the Prince castigated it in his 1989 book, A Vision of Britain. 'To me, this building is redolent of a word processor, ' he wrote.
He added: 'I don't see that people want a perpetual view of a word processor when they find themselves living with them in the office or at home.'