An eight-hour long play looks set to become one of the most talked-about theatrical events of the year when it comes to London's West End in June. Gatz sees a cast of 13 perform every word of F Scott Fitzgerald's The Great Gatsby – a premise that sounds indigestible on paper yet has performed around the world to sellout audiences and ecstatic reviews.

The New York Times's chief theatre critic, Ben Brantley, described it as "the most remarkable achievement in theatre not only of this year but the decade".

"We've always had an interest in creating shows that weren't meant for the theatre," said John Collins, director of New York-based theatre company Elevator Repair Service, who first had the idea for the Gatz in the late 90s. "We thought late-90s New York resembled late-20s New York – reckless exuberance and new wealth. But I also got interested in the problem of putting a novel on-stage and I didn't want to bring in a playwright to recraft it because the writing seemed perfect to me."

Instead, Collins decided to set the play in a drab office, where the main character, Nick, finds a copy of The Great Gatsby and starts reading it out, his co-workers slowly turning into Fitzgerald's characters as he becomes increasingly wrapped up in the book's 49,000 words. Collins has read – or heard – the book over 150 times, while Scott Shepherd, who plays Nick, has committed the entire thing to memory.

"There's always a bit more to discover in it," said Collins. "The perspective in the novel has been finessed so beautifully that I still find little literary and poetic gems peep out."

Sarah Churchwell, professor of American literature at the University of East Anglia, who is writing a book called Careless People about the events that inspired The Great Gatsby, agrees.

"It is intensely lyrical and poetic, imagistic and synesthetic in its language, which means that even when the plot isn't carrying the story along, there is a richness and rhythm in the language that is immersive," she said. "Its fundamental subject - Gatsby's fatal error in accepting America's message that life's potential can be realised by chasing material success could not be more timely."

Collins's company was "nervous" about the play's length – "before that we hadn't made anything longer than an hour and 15 minutes," he said – and experimented with performing it in two halves on consecutive nights, before realising that audiences were thinner on the second night. "What's rewarding is the totality of the experience," says Collins. "When we do it all in one night we lose nobody."

In London, where it will play as part of the London International Festival of Theatre, Gatz will start at 2pm and finish at 10pm with a 90-minute break for dinner.

"The most commitment is in the first 30 minutes, because that's when we're asking people to slow down their clocks a little bit," said Collins. "Once they do that there's a huge reward in getting to the last chapter, which is where some of the most beautiful writing is."

Though Gatz was initially blocked by the Fitzgerald estate – which, said Collins, had "an arrangement" with another production – it has now given the show its blessing. The delay, which initially prevented the show from being performed in London or New York, meant it gathered momentum as it travelled to other US cities and countries around the world, including Australia and Singapore.

"It backfired in a wonderful way. But we have a great relationship with [the Fitzgerald estate] now and we're proud to have their support," said Collins.

This year will see a rash of adaptations of The Great Gatsby, with an "immersive" production opening in Wilton's Music Hall in London in April, and a musical following at the King's Head in August. Baz Luhrmann is also making a 3D film of the book starring Carey Mulligan and Leonardo DiCaprio.

"Filming Gatsby is an exercise in futility," said Churchwell. "Language can intimate, and leave multiple possibilities open. Film must choose one. Gatsby will either be gauche, or classy; Daisy will be charming, or repellant; Nick will be dishonest, or honest. And Baz Luhrmann isn't exactly known for his subtlety. 3D cocktails? I think not."

Collins added: "He's known for his lavish productions, but I don't think period detail is what's great about the book."

Though Gatz's production is far from opulent, some tickets are expensive even by West End standards. Prices start at £27.50, with "premiere seats" at £117.50. Yet even at this price, Collins said Gatz is value for money.

"Your normal West End price might only get you a show that's an hour and 20 minutes long. We're giving you eight hours, so if our tickets are less than four times that of a normal West End show, you could think of it as a bargain."