The developer plans more than 3,400 new homes on the site and has promised more than £200m towards an extension of the Northern Line from Kennington and two new tube stations.
The Northern Line extension is key to Wandsworth Council's plan to regenerate the Nine Elms area on the south side of the Thames. A new tube station is envisaged at the power station site with another at Wandsworth Road to serve the eastern part of Nine Elms and the surrounding area.
A pedestrian high street and town square are part of the masterplan, with space set aside for new shops, restaurants, bars, cafes, offices, a hotel, cinema and other community uses.
Before work begins Treasury Holdings will sign a legal agreement pledging more than £211m to improving local infrastructure and community services. Around £203m of this would go towards extending the Northern Line.
The council’s planning committee secured a commitment that works to repair the power station will begin at an early stage of the project and that the building would be structurally secure by the end of 2016, including the complete restoration of the four chimneys.
The powers station scheme consists of four linked planning applications; an outline planning application and three applications for listed building consent. All four were approved by the committee.
Battersea Powers Station is the largest brick building in Europe and has been out of use since it was decommissioned in 1983. Various schemes to develop the site over the years have all collapsed.