British Land Company PLC (LON:BLND) has won permission to construct a new 53-acre "town centre" between Bermondsey and Rotherhithe in London.
The Southwark Council Planning Committee granted planning permission after five years of consultations.
READ: British Land profits drop as struggles on the high street hit retail portfolio
The project, which will see the demolition of Surrey Quays Shopping Centre, will keep British Land busy for the next 15 years.
The property development and investment firm will deliver around 2mln square feet of workspace to accommodate 20,000 jobs, 1mln sq ft of retail, leisure, education and community space, and 3,000 new homes, of which 35% will be “affordable”.
The plan includes 12 acres of new open space, including a 3.5-acre park, a new town square, the first new high street in London in a century and 16 new streets, with buildings said to “support low-carbon living”.
Three first new phase of building work “could be delivered” over the next five years, including 265 new homes, a leisure centre, new public spaces and 330,000 sq ft of office space.
“We're hugely excited about delivering this exceptional, mixed-use and sustainable landmark development, which has been designed to support people's wellbeing,” said chief executive Chris Grigg.
Shares were up 0.14% to 585.74p in early morning trades.