Work will start on site next month to demolish an existing mixed use building on the site.
United House will then create a six storey building in its place, providing a total of 45 homes for private sale and 18 for shared ownership.
The scheme, designed by Hunters Architects, will also comprise 70 sq metres of commercial space, basement car parking for 51 cars and secure bicycle storage.
United House will work closely with UK Power Networks to decommission an existing substation on the site.
Work is due for completion in 2015.
Jeffrey Adams, Group Chief Executive of United House, said: “United House has a strong track record of delivering technically challenging, mixed-use regeneration schemes in the capital.”
John Hughes, Group Development Director at Notting Hill Housing Group, said: “The new development will transform this location into an attractive streetscape to the benefit of the whole community.