The green light from Lambeth Planning Committee means work is now scheduled to start on site in 2021.
The scheme is a joint venture with the London Fire Commissioner and will deliver 145,000 sq ft of office, hotel and retail space alongside 443 new homes and a new fire station and museum.
Richard Upton, Chief Development Officer at U+I, said: “This publicly owned asset is one of too many that have sat redundant for too long.
“Our unique partnership with London Fire Brigade will breathe life and productivity to this heritage site on the River Thames.
“With more than 1,000 new jobs, a reprovisioned fire station, a fire museum and 40% affordable housing our proposals will deliver huge social and economic growth for London.
“We have designed a world class regeneration project at 8 Albert Embankment and now we can deliver it.”