Treasury Holdings's planning application for the redevelopment of Battersea Power Station site in London has been approved by the UK Secretary of State for Communities and Local Government Eric Pickles.

His decision follows that of the Mayor of London Boris Johnson in December 2010, one month after Wandsworth Council approved the scheme. This marks the final decision in the planning application process, with development of the site now due to commence in 2012.

The development, which will be the largest ever in Central London, will create a new community just one mile from Westminster, and serve as a catalyst for the regeneration of the Nine Elms Opportunity Area. The scheme is expected to generate approximately 15,000 new jobs and training opportunities for the area, and will also include a new underground station on the proposed extension of the Northern Line from Kennington to Nine Elms and Battersea.

Rob Tincknell, managing director of Treasury Holdings, said: 'Following productive talks with a number of potential investors, we now look forward to bringing an investment partner on board and commencing with the development of the site and the regeneration of the power station.'

Treasury Holdings Group is one of Ireland's largest and property companies and is major shareholder in listed company Real Estate Opportunities. Treasury manages REO's investment in the 15.38 hectares Battersea Power Station.