The project will bring £367 million of investment, create 370 jobs in construction and 123 permanent jobs on completion.
It marks the first St William scheme to secure a resolution to grant since the joint venture was launched in November 2014.
The development will include 50,000 sq ft of new educational floor space, 201 affordable homes, a nursery, food retail unit, café and public realm improvements.
Alison Dowsett, Managing Director of St William, said: “We are delighted to secure a resolution to grant for the first St William site. This will open a former industrial site up for the first time in over 150 years and create a fantastic new place for the borough.”
Designed by award-winning architectural practice Squire and Partners, the master plan consists of 12 buildings ranging from two to 26 storeys in height and a new public square.
Phil Edwards, of National Grid Property and Director of St William, added: “This consent is another exciting step forward in the regeneration of Nine Elms on the South Bank and we look forward to starting work to deliver the first St William development.”
Vacant possession is due in spring 2016 with construction scheduled to start on site soon after. First occupations are scheduled for 2019.