The proposed redevelopment of Duncan House, which is in Stratford High Street E15, consists of 420 bedsits and 91 studios, along with 44 residential units and 2,800 m2 of academic space.
Watkin Jones is in advanced negotiations with University of London to forward sell the student part of the Duncan House scheme, in line with its general business model. The residential units will be sold in a separate transaction by Watkin Jones.
The development is expected to be completed in 2019.
Chief executive Mark Watkin Jones said: "We are delighted to have secured planning consent for this latest scheme in our pipeline which builds our visibility around our business model. We expect to be on site towards the end of 2016 and complete the scheme in 2019."