Under the plans existing buildings on the sites at the junction of Chatham Place and Morning Lane will be demolished to make way for the construction of two eight storey buildings to comprise a series of "flexible retail spaces", a restaurant and a cafe as well as a 'stitching academy' design studio.
The scheme is part funded by a £2 million grant from the Greater London Authority's post-regeneration fund.
London Mayor Boris Johnson said: "It is great news for Hackney that a major new fashion hub has got the green light, helping to put this vibrant area on the map as a retail destination and providing support for aspiring young designers to boot," said Mayor of London Boris Johnson according to reports by the BBC.
"This is part of an exciting wider economic regeneration of Hackney, including a £2m investment from my regeneration fund, which will completely revamp the high street, and create hundreds of jobs and training opportunities for local people."
Work on the site is expected to start next year and to complete in 2016.
