The 10m sq ft plan is so large that it stretches across two London boroughs. The London Borough of Hammersmith & Fulham approved proposals in September and last night’s decision by Kensington & Chelsea now completes the outline planning process.

The ambitious proposals will see the Earls Court Exhibition Centre demolished clearing the way for 7,500 new homes across four new residential districts in West London.

Proposals include offices, leisure, hotel and retail space, as well as a new primary school, library, an integrated health centre and 5-acre public park.

Ian Hawksworth, Chief Executive of Capco said: “We are delighted that the Earls Court Masterplan has now been approved by both RBKC and LHBF.

“The project has real momentum and we look forward to working with the local authorities to deliver Sir Terry’s vision for a new urban quarter in this exciting part of London.”

The Section 106 agreement, which provides for significant investment in improvements in the area including transport, employment and training, is being finalised with the local authorities.

The Greater London Authority is also considering its Stage 2 report on the Masterplan which is anticipated in the coming weeks.

Detailed planning consent for 800 homes on an associated development next to Earls Court at Seagrave Road was granted in February.

Work is expected to start on this element of the masterplan next year.