Hammerson and Standard Life Investments have been given the go-ahead from Barnet council for the £4bn regeneration of Brent Cross Cricklewood.
The project includes plans to construct 7,500 homes, new offices, four parks, transport improvements and an extension of Brent Cross Shopping Centre. Detailed designs for the project will be produced during 2014.
Mike McGuinness, development director, Hammerson, said:
Clearly we are delighted with this decision. It is a major step towards the delivery of a thriving new town centre and a complete transformation of the area.
Brent Cross Cricklewood will bring a significant amount of investment into Barnet, in the form of new homes, new jobs, school facilities, parks and millions of pounds worth of transport improvements.
In October, the Brent Cross Cricklewood Development Partners proposed several improvements to the consented plans including a new network of streets and spaces.
James Stevens, head of UK development, Standard Life Investments, said:
The committee’s decision is fantastic news and a major achievement. There’s still a great deal to accomplish, but we are one step closer to realising our aspirations for a new vibrant urban quarter anchored by a world class retail and leisure offer.