The student housing-led scheme will see the redevelopment of the former Mulberry Business Park in Rotherhithe at Canada Water.
The approved development will provide four blocks of buildings of between four and nine storeys, 33 affordable homes and a new health centre.
King’s said that it plans to work with the council “to develop a town centre heart with a university environment” in the wider area, including the Harmsworth Quays site owned by the Daily Mail.
The London college has already publicly expressed an interest in providing a brand-new campus at Harmsworth Quays, subject to planning permission.
Leader of Southwark Council Peter John, said: “The decision supports the council’s aspirations to create a vibrant town centre for Canada Water and opens doors to the potential for a new campus in the adjacent Harmsworth Quays area.
“I look forward to what the students will bring to the area and hope that they will make it their permanent home in years to come.”