Southwark Borough Council has given the green light to plans for a £520m 48-storey tower on the Old Kent Road.
The local authority approved plans for the Ruby Triangle scheme, which include 1,152 homes – 40 per cent of which have been earmarked as affordable.
Designed by Farrells and being developed by Avanton, the Ruby Triangle forms part of the Old Kent Road opportunity area and has been sited close to a potential future Bakerloo line station.
Southwark council has lobbied the mayor of London to include three new tube stops between Elephant & Castle and New Cross Gate in south London.
Transport for London is currently looking to secure funding for the proposed extension.
The Ruby Triangle is one of four major schemes planned for the ancient route from London to the south coast, with others including 3 Malt Street, 2 Cantium Retail Park and 1 Southernwood Retail Park.
Consultant WSP has supported Avanton on the plans to draw up car-free approach to the scheme, aimed at minimising the impact on local roads to deliver sustainable development.
WSP project manager Steve Foxcroft said: “We thought carefully about incorporating character and local heritage to the site by installing structural elements of the adjacent decommissioned gasholder.
“While the development is on a constrained site on one of London’s busiest corridors, it will be a pioneering development for the Old Kent Road and one that we all hope will help accelerate its regeneration.
“The development sits on one of London’s main transport links, connecting east to west and will be a pioneering development for the Old Kent Road, the local community and an integral part of the area’s regeneration.”
The scheme is the latest of several that WSP has worked on with Avanton, including the new home for the Royal Academy of Dance in Wandsworth.
Work on site is expected to commence in 2020.