Braeburn Estates, a joint venture between Canary Wharf Group and Qatari Diar, will retain the landmark 27-storey Shell Centre tower but demolish all other buildings on the site.
This will clear the way for an assortment of buildings ranging from 6 to 37 storeys in height, including new offices for Shell and more than 800 homes.
Canary Wharf Group will act as construction manager for the project and will also be joint development manager with Qatari Diar.
The masterplan drawn up by architects Squire & Partners includes two office blocks, three residential blocks, two ‘slender’ towers and a new public square.
Kohn Pedersen Fox Associates, Patel Taylor and Grid Architects are now working on detailed designs of the individual buildings.
Canary Wharf Group said: “Discussions have commenced with the local planning authority and relevant stakeholders to establish planning constraints, detailed designs and a timetable for construction of a project which will regenerate an important section of the South Bank in central London.
“The joint venture parties anticipate submitting a planning application by the end of 2012.”