Called The Movement, the London scheme will comprise around 180 residential apartments and 360 student flats.

These will be built next to Greenwich train station and will also feature a health and fitness club, food store and nursery.

Also planned is a new 30-bed boutique hotel and restaurant and a 100-bed hotel due to be completed in time for next summer’s Olympic Games.

Development Securities and Cathedral Group hope to start work on the site later this year.

The area will shortly experience a mini work boom as Greenwich University presses ahead with plans to expand its campus on the former market site in the town high street.

Contractor Osborne has picked up a £43m contract to carry out the work on the new department for construction and architecture.