The land, off Russell Way in Three Bridges, was previously occupied by TSB office buildings that were demolished in 2000. Despite various redevelopment proposals being put forward, the land has remained vacant ever since.
With plans approved, Bellway will now acquire the 0.79-acre site and start construction work.
Bellway is planning to build 59 apartments within a single four-storey, L-shaped building. The developer is providing 12 of the apartments as affordable housing, with the 47 private homes comprising a mix of one, two and three-bedroom apartments. Each flat will have its own balcony or terrace space.
A communal area will be provided on the roof of the building and an under-croft car park will provide 40 car parking spaces. There will also be space for more than 100 bicycles.
Daniel Bradbury, regional director of Bellway South London, said: “Unlike some of the previous proposals for the site, our plans were well considered and will enhance the character and the appearance of the area.
“We will now prepare to move onto the site and begin construction work in the near future, with a view to releasing the first of the apartments for sale in late 2021.”