The proposal includes plans to build 40 town houses on the two-acre site on Farm Lane, a former trading estate. It plans to restore the Edwardian arched entrance and create an "urban square".
The new homes would be spread across three sides of the new "Fulham Square", which will be traffic free, and each town house is planned to have a private garden and terrace. The site was acquired by London Square in 2010.
"We are creating a new square for London, continuing the legacy of the capital and its historic squares," said Adam Lawrence, chief executive of London Square. "Our inspiration came from Wellington Square, just off the King's Road in Chelsea."
The scheme has been designed by architect Assael and London Square plan to start on site in late this summer, with completion planned for 2015.
