Canary Wharf Contractors will now start construction work within the next couple of months.
The planning application by developers Braeburn Estates was called in by the secrtary of state last September for review.
Braeburn Estates is a joint venture between Canary Wharf Group and Qatari Diar for the 1.45 million sq ft mixed use scheme, comprising offices, residential and retail which has been master planned by Squire & Partners.
The first phase of construction will now start in late summer, the developers said.
Canary Wharf Group chairman and CEO Sir George Iacobescu said: “We are delighted that the Secretary of State has approved these plans.
“The project will deliver many significant local benefits with new jobs and employment programmes, hundreds of new homes including much needed affordable housing, together with new open spaces and a park. We feel privileged to have this opportunity to play a role in regenerating this popular but somewhat neglected area of London. We will continue to work closely with local stakeholders to ensure our move into the construction phase is as considerate as possible to the local community.”
Qatari Diar Group CEO Khaled Al Sayed added: “Our priority is to get this construction project moving, so that businesses, residents and visitors to the local area start to reap the benefits of this fantastic scheme as soon as possible.”
Shell director Richard Montgomery described the redevelopment’s importance to the oil company: “The South Bank has been Shell’s home in London for more than 50 years. This redevelopment will enable us to continue to make a positive contribution to the South Bank and wider Waterloo area’s regeneration. It will also see Shell’s London staff all based in one location for the first time in many years.”
The 27-storey Shell Centre Tower will remain the centrepiece of the new site, and will continue to be owned and occupied by Shell. It will be joined by eight new buildings, one of which will incorporate a further 245,000 sq ft of new offices and trading floors for Shell, enabling all of their 4,000 London-based staff to be located together on the South Bank for the first time.
Approximately 800,000 sq ft of office space (including the Shell Centre Tower), along with around 80,000 sq ft new retail units, restaurants and cafés, will be accompanied by approximately 800,000 sq ft of residential space incorporating up to 877 new homes, including affordable housing.
The construction, which will continue over an anticipated six-year period, will employ an average of 700 workers on-site rising to approximately 1,630 at the peak of construction.