LEGAL & General have been given the go ahead to transform Nestlé's former Croydon headquarters into flats.
The financial services company received planning permission for its St George's House scheme last night (Thursday).
St George's House has been empty since Nestlé left Croydon - taking with it 840 jobs - last September.
Now the building will be converted from office space into 288 new homes, though only 23 – 7.9 per cent – will be classed as affordable.
Legal & General says its St George's House scheme will deliver a "new iconic feature for Croydon's skyline".
Charlie Walker, director at Legal & General Property, said: "Last night's decision marks an important step forward for Croydon and is a strong testament to the hard work we have put in over the past year to ensuring our proposals not only complement the existing qualities of the borough but contribute to its wider regeneration, enhancing its position as a desirable residential location.
"We believe that not only will this scheme deliver much needed high quality residential accommodation to the very centre of town, but should bring a new lease of life to the area by significantly improving the public realm, creating a more accessible and attractive civic space for residents and visitors to enjoy."
Jason Perry, cabinet member for planning, regeneration and transport, said: "This exciting plan matches the council's vision for transforming the town centre into a place to live as well as to work, shop and socialise.
"It's a significant leap forward in the council's strategy for regenerating the town centre, refreshing its 1960s streetscape and boosting the economic growth of the borough."
Legal & Generals plans include community and retail space at ground level and a roof top garden area.
There will also be 160 car parking and 313 secure cycle spaces and a café on the corner of Park Street and Park Lane.
The planning committee granted permission to the scheme less than seven months after being presented with the pre-application enquiry.
Today's announcement made no mention of when the conversion will be completed.
Approval of the scheme follows last month's announcement of a £1 billion joint venture between retail giants Westfield and Hammerson to redevelop the Whitgift Centre.
