Known as project Oriel, the new 39,500m² hospital will be built near King’s Cross at the site of the former St Pancras Hospital.

The project is a joint initiative between Moorfields Eye Hospital NHS Foundation Trust, the UCL Institute of Ophthalmology and Moorfields Eye Charity.

The full business case approval is the final step before construction starts in 2023 and it follows Camden Council granting full planning permission for the centre in August.

The preferred contractor for the project, Bouygues UK, has developed a full construction programme with the building due to open in 2027.

Martin Kuper, Moorfields chief executive, said: “This is the final approval we have been waiting for, turning Oriel from a proposal into a reality.

“Our next step will be to start construction work in the new year to build our world-leading centre, which will support our reputation for excellence and our ability to deliver outstanding care for our patients.”

AECOM is leading the design team with Penoyre & Prasad as chief architect for the new hospital building

The new centre will be located in the heart of the Knowledge Quarter, an internationally renowned hub for science and innovation. It is close to the UCL Bloomsbury campus and several of our NHS, commercial and charity partners.