Developer Knight Dragon has been given the go-ahead for London’s Greenwich Peninsula that will see the building of 13,000 new homes and create 12,000 jobs.

The Royal Borough of Greenwich Planning Board has approved a landmark planning application for one of the largest new developments in London.

Developer Knight Dragon already has nearly 3,000 homes under construction, paving the way for new jobs in the building industry and boosting the construction trades.

The £8.4 billion plan has upped the height of several building to around 40 storeys and will include two schools, shops, bars and restaurants.

The new vision for the residential-led development has been designed by London-based architects Allies & Morrison and expands the originally consented 2004 scheme which had stalled for many years.

Sammy Lee, Vice Chairman of Knight Dragon said: “It’s a huge project and a huge responsibility

“Something like this only happens once in a generation in London. We have big plans for the Peninsula and the team, the determination and the finance to deliver them.”

Also included in the plans are two schools, a health centre, a visitor attraction, public open space, highway and transport works, a new ferry jetty terminal and a 5 km running track across the site.