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.
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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.
(CD/GK)
