The landmark £1bn scheme of around 1m sq ft involves building two residential towers of 40 and 22 storeys and an office building reaching 45 storeys and topping out at nearly 200m.

Developer Hines, alongside the National Pension Service of Korea, bought the 18 Blackfriars Road site for £208m in 2021.

The approval, which was secured working with architects Foster + Partners, and Lipton Rogers, allows Hines to breathe new life into a two-acre brownfield site that has remained undeveloped for 20 years.

18 Blackfriars Road is designed to be fossil fuel free, 100% electric and Net Zero Carbon in operation, with 95% of the site’s heat demand served by ground source heat pumps that share, store and offset energy.

Beyond decarbonisation, it is set to deliver affordable homes, free workspace for local businesses and entrepreneurs and a cultural hub for locals as it aims be the first high-rise scheme in the UK to achieve the WELL Community Gold Standard, which certifies developments that support health and wellbeing.

The Podium is an interconnected mixed-use element with retail and cafe frontages within The Rotunda and along Stamford Street and Blackfriars Road.

Ross Blair, senior managing director and country head of Hines UK, said: “We believe our plans for 18 Blackfriars will set a new standard in premium quality workspace in London, both fully integrated into its hyper-local community and seated right at the heart of our capital city.

“Bringing this scheme to life underlines our long-term conviction in London as a thriving, global centre for culture, education and business.”

Hines is understood to be aiming to start work on the four year long build programme this year.

The scheme would be among the tallest in an emerging cluster of towers at the southern end of Blackfriars Bridge

The professional team includes Lipton Rogers as project manager, Arup as structural and MEP engineer, Alinea as cost consultant for the commercial and Gardier & Theobald as cost consultant for residential.