Nationwide is aiming to have construction work start before the end of 2019, ready for first residents to move in during 2021.
Nationwide has been working with Igloo on the plans to develop the old Oakfield college campus, along with architects Metropolitan Workshop and PRP, and landscape architect Landscape Use Consultants.
Nationwide chief executive Joe Garner said: “We are delighted to receive approval to deliver a long-lasting, high quality development in collaboration with local residents and Swindon Borough Council. As a building society we were founded to help improve housing, rather than maximising profit and shareholder return. Helping create these new homes and a thriving community is a great example of how we are guided by our purpose of building society, nationwide.”