Notting Hill Housing has won planning permission to build a residential-led scheme on the Manor Place Depot site in Walworth.
The development features 270 homes, of which 37% the developer has said will be affordable, as well as commercial space created within the existing buildings and the railway arches that cut through the site.
The listed heritage structures at 33 Manor Place will be retained, as well as the neighbouring former Pool Building, for residential and commercial uses respectively.
Notting Hill Housing has indicated that the scheme will take around two and a half years to complete. The developer exhibited the plans in February 2015 and engaged in a consultation with the community following this.
Southwark Council has bought Courage Yard on Shad Thames, near Tower Bridge, which it will redevelop to generate income for frontline services.