The plans from developer Real Estate Opportunities received approval from London’s Wandsworth council last month, and phase one of the project is set to commence in early 2012 and complete by 2016.
The development will include a new £200m tube station on the proposed extension of the Northern Line from Kennington to Nine Elms and Battersea Power Station. It will also feature a purpose built conference centre and one of the capital’s largest ballrooms.
Around 15,000 new jobs and training opportunities are promised and 3,400 new homes will be created, providing momentum for plans by the mayor’s office to regenerate the south London area.
Johnson said: “Battersea Power Station has long been an iconic feature of the capital’s skyline, and these plans will make sure that status is retained for years to come.
“The building was once a vital motor helping to power the capital. With its future secured through this regeneration, it will once again play a part in driving London’s economy.”
Battersea was decommissioned in 1983 and numerous attempts to redevelop the site, the majority as a leisure destination, have so far come to nothing.
Mark Stretton is editor of BigHospitality's sister publication, M&C Report.