Full planning comes with a record-breaking section 106 agreement requiring £1bn of community and infrastructure investment.

Over 20 years developers Hammerson, Brookfield and Standard Life Investments plan to create a new town centre, build 7,500 homes, transform Brent Cross Shopping Centre, and create a new commercial district in North London.

The huge scheme is expected to create 27,000 jobs and includes three new schools, a health centre, GP surgery, sport and leisure centre, library and community centre

First construction is expected to start around 2012/13.

The developers have pledged some £515m for transport infrastructure and a waste handling facility.

The scheme is intended to be as ‘green’ as possible and consideration is being given to the vacuum collection of waste and the generation of energy from waste.

Another £38.5m will be spent on public green spaces for the 151 ha scheme which will see Brent Cross shopping centre become part of a new town centre.

A new high street will connect a new mainline train station to the shopping centre and significantly enlarged bus station.

Jonathan Joseph, of the Brent Cross Cricklewood Partners, said the plans would bring “unprecedented investment” to the borough.

He added: “ Now that we have secured planning approval we can start to address key conditions of the section 106 agreement in addition to other detailed work necessary to facilitate a start on site in around four years time.

“A vital part of our work moving forward will be engagement with local people and the wider community to ensure that everyone is fully involved with and informed of our plans.”