The masterplan drawn-up by Sir Terry Farrell & Partners includes 7,500 new homes within 11.4 million square feet of development.

Proposals include offices, leisure, hotel and retail space, as well as a new primary school, library, an integrated health centre and 23.5 acres of public open space.

A detailed application for Seagrave Road replaces the existing 7.5 acre car park with 808 new homes ranging from townhouses to apartments.

The masterplan site includes the Earls Court Exhibition Centres, railway lands owned by Transport for London and the West Kensington and Gibbs Green housing estates owned by the London Borough of Hammersmith & Fulham.

Residents on the council-owned estates will receive new modern homes under the plans.

Sir Terry Farrell said: “We have developed a Masterplan that draws inspiration from the surrounding communities to create ‘Four Villages and a 21^st Century High Street’ which will bring new homes, health & education facilities, as well as remarkable new open space to London.”

Cllr Stephen Greenhalgh, Leader of London Borough of Hammersmith & Fulham, added: “The submission of the planning application for Sir Terry Farrell’s Earls Court Masterplan is an important milestone.

“We have said all along that we will only include our land if there are proven benefits for people living on the estates first and foremost, then the wider area and then the Borough as a whole.

“I am of the view that a comprehensive development of the whole Opportunity Area is the best way to serve the interests of both estates residents and the Borough.

“We will continue to work closely with residents on the estates and we look forward to considering the planning applications before us.”

Gary Yardley, Director of EC Properties, said: “Our proposals for Earls Court represent a multi-billion pound investment in London.

“It will deliver thousands of much-needed new homes and jobs, and create a remarkable new place.

“Our planning application follows two years of consultation and we are proud to submit a Masterplan which has been shaped by the community. It draws its inspiration from London, and specifically from the neighbouring areas of Kensington and Fulham.”

Construction is scheduled to get underway soon after the 2012 Olympics.