Berkeley and National Grid’s joint venture St William has secured planning permission for its first major scheme.
The £700m joint venture, which was launched in November last year, has won planning permission for a £367m scheme in Battersea.
Situated on a 2 ha former gasworks site on Prince of Wales Drive near Battersea Power Station, the scheme will provide 839 new homes.
The development will include 50,000 sq ft of new educational floor space, 201 affordable homes, a nursery, food retail unit, café and public realm improvements.
The developer will take possession of the site in spring 2016, with construction scheduled to start on site soon after.
First occupations are scheduled for 2019.
Commenting on the deal, St William managing director Alison Dowsett said: “This will open a former industrial site up for the first time in over 150 years and create a fantastic new place for the borough.”
Also this week, Berkeley Group developer St James won planning permission for a £615m mixed-use scheme at White City.
The £615m project will deliver up to 1,465 new homes, along with commercial, office, community and leisure space.
The 4 ha brownfield site, currently occupied by a Marks & Spencer warehouse, will also include a 1.6 ha public park on completion.
Of the 1,465 homes to be delivered on the scheme, 30 per cent will be affordable.
A new bridge and pedestrian deck across the Central line will be construced to improve connectivity from Wood Lane.
The bridge will provide direct access to Westfield London to the south of the development.
The site is due to be vacated in July 2016 and construction is planned to start “at the earliest opportunity”, according to the developer.
The scheme will be delivered in a number of phases over a 15-year period.
In its latest set of results, the Berkeley Group reported an 80 per cent increase in pre-tax profit in the six months to 31 October 2014.