The 11-year construction programme is estimated to start in 2026 with the first homes delivered in 2030.

Kensal Canalside will contain 2,519 new homes plus two parks and a local high street with new offices, shops, cafes and restaurants – with a reinstated, historic canal basin at its heart.

Plans also include a new flagship 60,000 sq ft Sainsbury’s supermarket with car parking underground.

The proposed neighbourhood will transform the 19-acre brownfield site in the Royal Borough of Kensington and Chelsea – a large proportion of which has been closed off to the public for over 40 years as a former gasworks.

John Mulryan, Group Managing Director, Ballymore, said: “This will be an exemplar project, showing how we can turn a complex, former gasworks into a thriving place full of character delivering over 2,500 much needed new homes.

“Kensal Canalside will bring thousands of jobs, a new high street, leisure spaces – all of which will be game changing not just for the people who’ll move here, but for thousands of residents in the wider community.

“Kensal Canalside demonstrates the partnership approach we are taking to deliver large numbers of high-quality homes across the capital – in this case with Sainsburys.

“The collapse in housing starts in London is a serious threat to our city and the wider country. With our partners and local councils we have a responsibility to build increasing numbers of new homes, and we know that large, under-used brownfield sites like this can make a significant contribution to delivery.”

Patrick Dunne, Chief Property & Procurement Officer, MD Smart Charge, Sainsbury’s, added: “Since 2009 we’ve been working successfully with development partners like Ballymore to redevelop Sainsbury’s sites into new homes and community spaces, while transforming what we offer customers.

“We’re thrilled that the Council has granted us permission to build on this track record and deliver a groundbreaking new development for Ladbroke Grove.”