The redevelopment of the Shell Centre site on London's South Bank has received approval from the UK's Department for Communities and Local Government.
The approval was announced by the department's Secretary of State, Eric Pickles.
Pickles had requested the planning application by developers Braeburn Estates, a joint venture between Canary Wharf Group and Qatari Diar in September 2013.
The 1.45 million ft² mixed-use scheme will feature offices, residential and retail space.
The project master planners are Squire and Partners, and the phased construction will commence this summer and are due for completion in six years time.
The 27-storey Shell Centre Tower will be the centerpiece of the new site, complemented by eight new buildings.
One of the new buildings will feature an additional 245,000ft² of new offices and trading floors for Shell, allowing all of their 4,000 London-based staff to be located together on the South Bank for the first time.
Canary Wharf Group chairman and CEO Sir George Iacobescu said that the project will deliver many significant benefits with new jobs and employment programmes, hundreds of affordable homes, new open spaces and a park.
"We feel privileged to have this opportunity to play a role in regenerating this popular but somewhat neglected area of London," Iacobescu said.
Qatari Diar Group CEO Khaled Al Sayed said the priority is to get the construction project moving, so that businesses, residents and visitors to the local area start to reap the benefits of this fantastic scheme as soon as possible.
The redevelopment project will result in 800,000ft² of office space, 80,000ft² of new retail units, restaurants and cafés, 800,000ft² of residential space incorporating up to 877 new homes, including affordable housing.
Shell redevelopment director Richard Montgomery said that the South Bank has been Shell's London home for more than 50 years.
"This redevelopment will enable us to continue to make a positive contribution to the South Bank and wider Waterloo area's regeneration," Montgomery said.
The redevelopment plan was introduced in July 2011, when Qatari Diar and Canary Wharf Group signed an agreement with Royal Dutch Shell.
As part of the project, the developers are taking the 5.25 acre site on a 999 year lease, with Shell remaining the freeholder.
Image: The 27-storey Shell Centre Tower will be the centerpiece of the new site, complemented by eight new buildings. Photo: courtesy of Blueshade.