The Co-op building is being redeveloped, the lovely facade of that original building will remain and within it there are plans to build a glass monstrosity, pretty much like what is being thrown up in the City centre, it will become apartments, complete with gym facilities for use by the occupants, and a concierge etc., it doesn't look like it's designed for your average Newton Heathen, I fancy that they'll have a hefty price tag.
Work is ongoing and the old building is scaffolded at the moment, probably work is being carried out to strengthen the original structure before construction of the glass boxes.