The scheme, which will be carried out by Bahrain developer Amwaj Property, will see the construction of a building ranging between two and 15 storeys to comprise 150 new homes as well as affordable business accommodation, shops, 1,250 square metres of community space, a gym and public open space.
The plans are the first part of a wider masterplan for the 1.48 hectare site, which will include additional housing, shops, community uses, a hotel and serviced apartments.
The Council adopted a planning brief for the site as a Supplementary Planning Document in 2010.
Subject to referral to the Mayor of London and final approval, work on the site is due to start in September and expected to complete in 2015.