The joint developers plan to start construction this autumn, to launch the new homes in 2017, after just gaining planning.

Their decision to go-ahead with what will be Bellway’s second major scheme on the vast site comes as several other major planned prime flat schemes for the area have gone on hold over jitters about demand for luxury flats in the capital.

Bellway’s and L&Q’s development at 46 Ponton Road, a central site in the 195 hectare Nine Elms masterplan, includes 357 quality one, two and three bedroom apartments, available to purchase through private sale or shared ownership.

Some commercial space will be built as part of the plans, bringing new retail and lifestyle amenities to the area for local residents.

The latest planned blocks represent a significant urban extension to the 510 homes being built by Bellway at its current development The Residence, which will overlook the American Embassy.

The first flats from the scheme will be launched onto the market in the Autumn.

Flats in main 19-storey tower block at The Residence to launch this autumn as Bellway starts second scheme

The London Borough of Ealing nodded through the 88-acre scheme, known as Southall Waterside, which weighs in as West London’s most ambitious regeneration scheme.

Berkeley said it plans to start significant enabling works early this year with the full mixed-use scheme delivered in several phases over 25 years.

The project will be delivered by Berkeley’s St James business, which has been advised by Mace on the site-wide construction management plan.

A sales launch for the first 600-home phase of development is scheduled for autumn 2016. Berkeley also plans up to 500,000 sq ft of commercial space, a two-form entry primary school and a health centre. 

The revised masterplan submitted after buying the site from National Grid Property will see over half the site dedicated to open space, which includes a substantial amount of landscaped public parkland, leisure and play spaces, and piazzas.

Sean Ellis, Executive Director, Berkeley Group said: “These gasworks closed almost 50 years ago, so approval of the Southall Waterside masterplan marks the start of an exciting new future for this 88 acre site.

“When 80% of new homes currently planned for the capital are in just three East London boroughs, this provides some welcome balance.”  

Consultant Arcadis estimates a total sales value of £77bn for these homes which are mainly flats and apartments.

The huge pipeline will intensify fears of an oversupply of “prime” properties in the capital.

The total floor space of planned prime homes in the capital is more than 40 million square feet – far greater than the area of the whole of the City of London (30.7 million sq.ft).

Arcadis identified 196 across the capital with the number of homes planned at 35,055.

And the consultant warned some of the luxury resi schemes will have to be “repositioned” into commercial jobs or even cheaper homes as demand at the top end softens.

Mark Cleverly, Arcadis head of commercial development, said: “Since around 2009, the value of prime residential property in central London has seen dramatic rises, making it one of the hottest markets in recent memory.

“That said, things are changing.

“Land, materials and labour are growing in price, meaning the costs involved in actually building these homes is growing significantly.

“This, coupled with a recent gradual easing off of buyer demand could affect margins and mean investors opt to convert their developments to target the more buoyant office and commercial markets.

“With no obvious end in sight to the unpredictability of the global economy this approach could soon become the norm.”

The site will also be developed with around 230,000 sq. ft. of modern industrial and urban logistics warehouses

Both partners will work with Hillingdon Council now to obtain planning consent for the major scheme at the former coffee and chocolate factory site.

SEGRO bought the 30-acre site in January in 2015 as part of its strategy to provide high quality urban warehousing to meet the growing demand from occupiers.

Alastair Baird, Barratt London’s Regional Managing Director said: “This year we are set to complete around 2,000 new homes across London and this agreement with SEGRO will boost our pipeline of future projects.

“It demonstrates that our technical capability in delivering complex schemes continues to provide us with a competitive advantage in London.

“Working with SEGRO, we will draw on our experience to design and build a great place to live and work on this important regeneration site in Hayes.”

The site is in a prime location for business and residents located next to the Hayes and Harlington railway station which will become a Crossrail station in 2019.