The council will now look for a developer to take the Wandsworth Town scheme forward.
The development scheme draws together three rundown sites that include a nine-storey block owned by South Thames College and two buildings owned by the council – Welbeck House and 17-27 Garratt Lane.
The redevelopment would create four new buildings ranging in heights from four to 26-storeys.
A new building facing onto Wandsworth High Street would replace the outdated Welbeck House and would be finished in red brick to reflect the neighbouring properties.
It would be four-storeys at the street frontage, rising to seven-storeys further back. At the ground floor it would provide a new high street shop.
A new building on Garratt Lane would replace the existing 1960s office block and would also be in red brick with a new shop facing the street. This building would be between four and seven-storeys high.
Two larger buildings would be located within the site, set back from the streets. They would be clad in a combination of red and grey brick and will include a new town centre library.
The library will open out onto a new public square with seating and a play space for under fives.
There are several major regeneration projects now underway in the Wandsworth Town regeneration area including the revival of Southside Shopping Centre, Wandsworth Business Village, the Ram Brewery, Lion House and The Filaments.
The Council and Transport for London are working on a redesign of the Wandsworth One Way system which would make the town centre more attractive and pedestrian friendly.
Planning applications committee chairman Sarah McDermott said: “This is another important step forward in the revival of Wandsworth Town.
“The development will create valuable new connections through the town centre and attractive public spaces for the local community.
“The new affordable and market homes are badly needed and the scheme will make another important financial contribution to removing the Wandsworth gyratory. This is key to reviving the high street and unlocking the town centre’s full potential.”
