Sadiq Khan has given the green light to a scheme that will deliver up to 100 per cent affordable homes using offsite construction.
The 21-storey building will be developed by Pocket Living, a housebuilder that constructs affordable housing and sells it to first-time buyers living locally.
Pocket's one- and two-bed flats are designed with millennials in mind. The units are built off-site in the company's factory, and are then transported into the capital.
The assembled homes are craned into place at the building site, a method so efficient the developer can build 32 flats in ten days. The quick delivery of homes means Pocket can develop small sites across the capital because the process causes minimal disruption to nearby residents.
The new development at Addiscombe in Croydon will provide 153 homes for the area. Seventy per cent of the homes will be sold at a discount to the market price, and the remaining homes will be shared ownership properties.
Khan said: "Tackling London's housing crisis requires bold new approaches. We know turning things round will take time, but off-site construction is an innovative way to speed up building the affordable homes our city needs. I invested in Pocket Living to help them build genuinely affordable homes that are sold to local people first."