Ten per cent of the new homes would be affordable units with priority going to existing Wandsworth residents.
The brewery, which was a major local employer, stopped wholesale production several years ago.
The approved plans include constructing a 36-storey residential tower, creating more than 10,000 square metres of commercial space and restoring the site’s historic buildings to create a new micro-brewery and brewing museum.
In addition, the banks of the River Wandle will be opened up as part of 1.2 hectares of new public open space.
Developers Minerva will pay a £16.5m community infrastructure levy (CIL) as part of the scheme’s approval.
The council is working with TfL to develop a new road system which would rechannel through traffic and reconnect both side of the town.
If the value of private homes on the development rises the developer will provide a further £1.2 payment towards building more affordable housing in the local area.
Nick Cuff, Wandsworth Council’s planning chairman, said: “The brewery site forms a gaping hole in the very centre of Wandsworth Town, surrounded by walls, locked gates and derelict buildings.
“This development would open it up as a new pedestrian quarter complete with riverside walks, public square and fantastic heritage attractions like a museum and micro-brewery. The new walking routes it offers would really help to join up the town centre.”
