The decision paves the way for Capital & Counties Properties to build multi-store flats and town houses around a public garden square at the Seagrave Road car park site near the exhibition centre.

The project includes 200 affordable homes that will be offered to tenants in nearby estates due for regeneration.

Capco signed a conditional agreement with Hong Kong developers, the Kwok family to develop the area at the end of last year.

The developers now have to finalise of the section 106 Agreement and get the project rubber stamped by the London Mayor’s office before wok can get underway.

Ian Hawksworth, chief executive of Capco said: “We are delighted by the council’s decision on Seagrave Road. It confirms our long term view of the value which can be unlocked from Capco’s holdings in the area through a residential-led scheme.

“The site is an exciting opportunity to begin the transformation of the area, creating hundreds of new homes and jobs.We look forward pursuing our plans for the project within the joint venture with the Kwok family interests.“

The residential project forms part of a much more ambitious £8bn redevelopment of the 77-acre Earls Court site

The masterplan drawn-up by Sir Terry Farrell & Partners includes 7,500 new homes within 11.4m sq ft of development.

Proposals include offices, leisure, hotel and retail space, as well as a new primary school, library, an integrated health centre and 23.5 acres of public open space.