The scheme forms part of the council’s 12 Estates’ regeneration programme with Joint Venture partners Wates Residential.
The £1.5bn programme will see at least 3,500 high-quality new homes delivered in Havering over the next 12 to 15 years.
Wates Residential has made a commitment to buy British wherever possible, with 20% of the Joint Venture’s spend going to local Small and Medium Enterprises, valued at £100m.
Councillor Roger Ramsey, Cabinet Member for Finance and Property,said: “The approval of these plans is a major milestone in delivering local homes for local people.
“Waterloo and Queen Street sits in the heart of Romford, where a new high-quality community will be created for residents of Havering to live and thrive.
“What’s more, this scheme will result in significant social, economic and environmental benefits to the surrounding area, with millions of pounds being invested in buying British through local businesses to create new opportunities for people in the area”.
Hugh Jeffery, Regional Development Director for Wates Residential, said: “The vote to approve the proposals for Waterloo and Queen Street means we can look forward to building great places for people to live. This scheme includes modern, energy efficient homes, open green spaces for playing and relaxing, and workspaces to promote flexible ways of living and working.
“This project is about leaving a lasting legacy for people in Havering and now the scheme is one step closer we look forward to starting construction at the beginning of next year”.
Since its inception in 2018, the Havering and Wates Joint Venture has secured planning on both Napier and New Plymouth House in Rainham and Solar Serena Sunrise in Hornchurch.
Construction of Napier and New Plymouth House is well underway with the first homes ready for occupation in 2022.