The Cross Quarter development is planned by Development Securities, which has joined forces with Berkshire Investment Capital and Gallions Housing Association, to transform a 10-acre derelict industrial site to the north of the easter terminus of the Crossrail line.

Demolition of the derelict buildings on site will start this summer, with the first phase of the scheme, including the supermarket and public square completed in 2015.

Matthew Weiner, Executive Director, Development Securities said: “Cross Quarter perfectly exemplifies our strategy of repositioning redundant and undervalued assets through the process of redevelopment and planning change in order to create a product for which demand is strong.

“We are pleased to have secured Resolution to Grant Planning and also an anchor tenant in less than two years since the site was first acquired. Our scheme will create a valuable new destination for Abbey Wood and we look forward to bringing it forward.”