The housing, leisure and retail scheme is being led by Tesco’s regeneration subsidiary SpenHill Developments in partnership with the London Borough of Lambeth.
It will comprise a leisure centre with an ice rink, swimming pool, sports hall and gym. The scheme also includes a new 63,000 sq. ft. Tesco Extra supermarket and a mix of residential homes served by underground car parking.
Vinci’s contract also includes new bus interchange facilities for Transport for London.
Geoff Cheek, construction director for building division south at Vinci Construction UK said: “We are really looking forward to working on this long-awaited new development in Lambeth which truly demonstrates a comprehensive and holistic approach to regeneration and mixed-use development.”
A SpenHill spokesman said, "We are delighted to see this important mixed use project get under way. The development will not only create much needed local employment but also provide quality residential accommodation acting as a real catalyst for regeneration."
Tesco is also planning village developments in Dartford, Woolwich and Bromley-by-Bow (east London).