The £1.7bn masterplan will deliver over 1,700 new homes alongside 660 student rooms, 445 co-living beds and a reimagined retail offer matching today’s floor space.

Demolition of the current shopping centre and the construction of the new one will start in 2026 to be delivered in phases over around 10 years.

Approved by Lewisham Council last night, the project will also bring back the much-loved Model Market in a permanent new home, and add a 500-capacity culture and music venue to reignite the borough’s night-time economy.

The new district will be built around eight-acres of green space and public realm, including an urban meadow above a central podium building connecting much of the wider scheme consisting of around 14 major building projects.

Landsec’s masterplan, designed by SEW, includes a detailed application for the first two residential buildings, designed by Mae Architects, Studio MULTI and Archio.

Mike Hood, COO at Landsec, said: “This is an exciting moment for the future of Lewisham’s town centre. These plans provide much-needed homes, community spaces and facilities that will enhance urban life for generations, while delivering sustainable returns that support our ambition for long-term growth.”