Submitted in detail, the plans include replacing the existing 1970s tower block on the corner of Wandsworth Road and Nine Elms Lane with two new towers of 58 and 43 storeys.

The council said a total of 51 homes will be made available through Intermediate Rent and the developer will make a further contribution of £6.8m towards providing more affordable housing in the local area.

The New Covent Garden Market scheme - submitted as an outline planning application -  would see the country’s biggest fresh produce market completely overhauled, providing up to 2,491 new homes, shops, cafes, bars, commercial space and a 200-bed hotel on land no longer needed for the market operation.

The council said the approved scheme would see the 40-year-old market facilities upgraded with the aim of safeguarding the future of its 200 independent businesses and 2,500 jobs.

At 195 hectares acres, the Nine Elms regeneration zone - which includes 450 acres of land between Battersea Park and Lambeth Bridge on the South Bank of the Thames - is the biggest in central London. More than 1,000 new homes are currently under construction there and another 12,000 are coming through the planning pipeline.

Up to 24,000 construction jobs could be created during the delivery programme and the completed district would support an additional 25,000 new permanent jobs for London.

Wandsworth Council’s planning chairman Cllr Nick Cuff said: “We’re making tremendous progress in Nine Elms. Each new development will create homes, new open spaces and new job opportunities for local people.

“By the time the process is complete this old industrial area will have become an ultra modern district on the South Bank, complete with new parks, a public market, two more tube stations, new cultural attractions and all sorts of exciting new businesses. It will be a remarkable transformation.

“The modernisation of New Covent Garden Market is designed to safeguard the future of 2,500 jobs and comes with a contribution of around £63m towards the Northern Line Extension.

“One Nine Elms would see an outdated office block replaced with two glass towers and around half of the site would become a new public square lined with shops, cafes, bars and restaurants.”

Last week Lambeth Council approved an application by Sainsbury’s for the redevelopment of their Nine Elms supermarket. This scheme would create another 737 new homes and allows for one of the area’s new tube stations to be located on the site.

A preferred bidder for Battersea Power Station was also announced recently which could bring forward work on this important Nine Elms site. Enabling works have now started on the site of the new US Embassy which is expected to open in 2017.