Bucks Council has okayed plans to demolish the currently unused Verney House site in Gatehouse Road.
In its place will stand a two-block apartment complex, which will be six storeys high, including car parking and a cycle park store.
Developer and asset management company, FI Real Estate Management (FIREM) lodged the successful application to the local authority.
The current building was constructed in the 1970s, the developer is promising a more modern residential development set amongst landscaped grounds.
Verney House is less than a mile away from Aylesbury town centre, plus its train and bus stations.
Planners hope Aylesbury will appeal as a destination given its status as a commuter town to London.
While it also boasts access to the M40, M25 and M1 and is located near Oxford, Watford and Milton Keynes.
A spokesperson for FI Real Estate Management said: “This decision is great news for the Verney House site and for Aylesbury as a whole. Having assessed the market closely, we are confident that a residential development will better serve the requirements of the town.
"Our experience also tells us that high quality apartments in a central location will be met by popular demand.
“We’ll be using our presence in the town to create job and training opportunities and ensure we make a tangible contribution to the local economy.
"We’re looking forward to starting work on site in due course.”