The plan will see the Earls Court Exhibition Centre demolished clearing the way for 7,500 new homes across four new residential districts in West London.

Proposals include offices, leisure, hotel and retail space, as well as a new primary school, library, an integrated health centre and 5-acre public park.

The Earls Court and West Kensington Opportunity Area is so large that it stretches across two London boroughs and will also require outline approval from Kensington & Chelsea council, expected in the coming months.

Earls Court’s owners Capital & Counties Properties welcomed the outline approval.

Ian Hawksworth, Chief Executive of Capco said: “We are pleased by the council’s decision to pass the resolution to grant outline planning consent for the Earls Court masterplan.

“The proposed scheme will offer a multi-billion pound investment in both London and the local community creating thousands of new homes and jobs.”

Detailed planning consent for 800 homes on an associated development next to Earls Court at Seagrave Road was granted in February.

Work is expected to start on this element of the masterplan next year.