A scheme to regenerate the Tideway Industrial Estate in Nine Elms was approved Wandsworth Council's planning application committee.
Tideway Pocket Park The project would create 752 new homes across the site as well as a new hotel, shops, cafes, restaurants, bars, offices and a crèche.
The estate is located close to Battersea Powers Station on the south bank of the Thames .
The vast majority of the site will be opened up to the public including a park, gardens and an improved riverside walk. New views of the Thames will be created from Nine Elms Lane which are currently blocked by industrial buildings.
Work on site is expected to begin later this year.
The site's developer, St James Group, will contribute more than £30mn towards local infrastructure upgrades including a scheme to extend the Northern Line into Nine Elms.
The scheme is the latest in a series of major planning applications for sites in the Nine Elms and Vauxhall Opportunity Area - a semi-industrial district ripe for major redevelopment.
A plan to regenerate the neighbouring powers station site was approved late last year and the United States Government has outline planning consent for a new embassy complex in Nine Elms.
Several other landowners have moved into developer mode and more major applications are expected in the first half of 2011.
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