Developers Avanton and Urban & Provincial plan to turn the former Carpetright warehouse at 651 Old Kent Road into two blocks of flats.
The scheme will have 262 apartments, including 170 for private sale, and 20,000 sqft of commercial space on the ground floor of the buildings.
Designed by Farrells, the flats will be in two towers, of 19 and 10 storeys high.
It is the third element of Avanton’s regeneration masterplan for the area, designed to deliver more than 2,100 homes with a total project gross development value of £795m.
The developers intend to partner with an affordable housing provider and start development in early 2021.
Urban & Provincial director Luke Osborne said: “The former Carpetright warehouse, which is circa 25,000 sq ft in size, is currently vacant, which will allow construction to start without delay. Works are planned to begin in early 2021 with completion in Q4 2022.”