Property company Real Estate Opportunities has won final approval to develop London's landmark Battersea Power Station site and will start work in 2012. REO is 65% owned by Irish company Treasury Holdings.
REO's 10 million square feet (one million square metre) project comprises 3,400 new homes as well as offices, hotels, a conference centre and restaurants.
The developer said plans for the scheme on the south bank of the river Thames had been approved by the UK's local government minister Eric Pickles.
Some of the loans relating to the project had been transferred to the National Asset Management Agency.
A string of previous attempts to find a new use for the defunct power station, a feature of London's skyline for almost 80 years, have failed.
'Following productive talks with a number of potential investors, we now look forward to bringing an investment partner on board and commencing with the development of the site,' said Rob Tincknell, managing director of Treasury Holdings.
