It’s expected the development of the 40 acre site will create more than 3,400 new homes and generate over 15,000 new jobs and training opportunities.
Rob Tincknell, Director at site owners Real Estate Opportunities Plc, described the decision to grant planning consent as “a fantastic milestone toward our goal of creating a new exciting place for London and saving one of the City’s great landmarks.”
As a condition of approval, Real Estate Opportunities plc will provide more than £200m towards the cost of extending the Northern Line and building two new stations on it.
Wandsworth council says the stations are a vital part of regenerating the wider area and will help “kick start” major investment projects throughout the Nine Elms area.
Planning application committee chairman Cllr Nick Cuff said they would “bring a huge economic windfall to this part of south London.”
The Committee has also secured an undertaking that the power station will be “structurally secure by the end of 2016” to safeguard the building and that work to ensure the “complete restoration of the four chimneys” will commence at an early stage of the project.
The application will now be considered by Mayor of London Boris Johnson and the Secretary of State for Communities and Local Government who have the right to call in the decision.
Cllr Cuff added: “There is still a great deal of work to be done but this is an important step forward and will give the area’s other major investors the confidence to press ahead with their plans.”
Earlier this month REO confirmed it had agreed an extension to a £200m finance deal backed by the Bank of Ireland and Bank of Scotland.
