The Mayor Boris Johnson has announced significant progress in one of London's largest residential schemes, creating thousands of new homes and jobs for south east London.

The final stage of planning consent, to build almost 3,000 homes on the 190 acre Greenwich Peninsula site, the majority of which is owned by the Greater London Authority, has now been secured by development partner Greenwich Peninsula Regeneration Ltd (GPRL), a joint venture between Knight Dragon and Quintain.

Construction work on the southern quarter of the site will begin by the end of the summer to deliver the next phase of residential development, comprising 704 homes. It is anticipated that a further 850 homes will start on site in March 2014, subject to planning.

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The next phase of development in the southern quarter of the Greenwich Peninsula site further marks a commitment to the provision of affordable homes, with 325 social rented and intermediate homes coming forward as part of the proposals. The overall development will eventually deliver around 10,000 new homes – including approximately 3270 affordable homes for rent or part-rent – along with 600 student beds, and 3.5 million sq ft of commercial floorspace transforming what was an old gas works into a major new residential, business and leisure district.

The Greenwich Peninsula site is part of the Mayor's ambitious plans to release surplus public land to boost construction jobs, drive investment and deliver the additional housing so desperately needed in London. Since the Greater London Authority became the largest public land owner in the capital last year the Mayor has negotiated similar deals on sites including the Royal Albert Docks, Silvertown Quays and the former Catford stadium, providing a total economic benefit of £3.5bn.

The Mayor of London, Boris Johnson, said: "The transformation of Greenwich Peninsula is without a doubt one of the most exciting development opportunities in London. So it is fantastic to see these plans move a step closer to bringing thousands of new homes and jobs to Greenwich, helping to secure the wider regeneration of this key opportunity area and maintain London's position as the best big city in the world."

(CD)