Workspace has received permission to replace the existing 75,000 sq ft of light industrial space with 392 apartments, a new 58,000 sq ft business centre and 12,000 sq ft of light industrial workshops.
The site was recently valued at £21m.
Poplar Business Park is 800m northeast of Canary Wharf at the top of the Isle of Dogs. The scheme will also provide two new public squares and improved transport links from Poplar High Street to Canary Wharf and Wood Wharf.
Workspace chief executive officer Jamie Hopkins said: "It is a significant redevelopment in an area that will be experiencing a lot of change over the coming years with the arrival of Crossrail at Canary Wharf. Poplar Business Park, once redeveloped, will be a thriving residential and business location in the heart of one of London's future hotspots.
"The redevelopment will also provide a significant boost to both the capital value and rental income of the site and demonstrates our ability to add significant value through asset management."
Workspace Group plc (formerly known as London Industrial plc) was established in 1987 as the vehicle for the privatisation of part of the former Greater London Council’s industrial property portfolio.