Foyles’ flagship London bookstore is turning a new page and will move from its famous location just 15 yards down Charing Cross Road in a building occupied at present by the Central St Martin’s School of Art.

The store has been selling books from its present location since 1906 but, following the acquisition of the academic site by Noved Investment Holdings – controlled by the members of the Foyle family - the new 74,780 sq ft premises will be redeveloped to create a modern, purpose-built flagship store over three floors.

A better layout and more spacious ground floor level will be among the features of the new shop, and the retailer’s award winning café and gallery space will be retained in order to keep Foyles’ character.

Building work is expected to begin at the end of the year and the move is planned for 2013.

Foyles chief executive Sam Husain said: “Although our customers may not realise it, we currently occupy 40,000 square feet in five separate buildings at 113-119 Charing Cross Road.

Our new home, just 15 yards down the road, will provide a fantastic environment for book lovers and booksellers alike.”

Noved chief executive Philip Tolhurst said: “We are delighted to have been able to acquire this building which gives us an excellent opportunity to re-house the store almost next door, and thus retain the reputation of this rapidly improving area as the literary heart of London.

“The designs for the new store from Lifschutz Davidson Sandilands are very exciting and will provide a landmark building appropriate for Foyles.”

Property agency DE&J Levy acted for Foyles.