The controversial project, which is set to be delivered by Lendlease, is being planned by Mitsubishi Estate and London development manager CO—RE.
Designed by Make Architects, Project Vista will consist of a 26-storey staggered office building, connected to two buildings of 14 and 6 storeys.
Alongside 900,000 sq ft of offices, the complex would also offer cafes and restaurants, cultural venues and green spaces.
The 72 Upper Ground development will transform 40% of the site into public realm, opening up a currently closed-off site on the popular South Bank and adding two new public squares, an active ground floor and several public walkways.
A complex demolition plan for the site was drawn up by specialist contractor McGee and must be followed according to conditions set out in the approval decision.
A joint-statement by Shinichi Kagitomi, CEO of Mitsubishi Estate London and Stephen Black, Director at CO—RE, said: “72 Upper Ground represents a £700m investment in the UK, creating over 4,000 new jobs, and vital new workspace that prioritises sustainability and wellbeing.”
“We understand and respect the responsibilities that come with building a major new development in this prominent part of central London.
“We are looking forward to working with our cultural neighbours and the wider community to deliver an outstanding building that makes a significant positive contribution to its place.”