The Carlyle Group has been given the green light to develop a number of buildings on the south bank of the River Thames in London.

It is projected that the entire project, which will happen near the iconic institution Tate Modern, will cost £1 billion.

Southwark Council finally gave the go ahead for the ambitious construction project, which will transform the area.

The US private equity group will be in charge of developing, for example, a 48-storey residential skyscraper, adding another glittering tower to the capital.

Mark Harris, managing director at The Carlyle Group, said this site is a brilliant location, one which is currently "extremely underutilised". In fact, according to Mr Harris, this decided lack of investment is evident in all areas, from a physical, social, employment and cultural perspective.

"The support we have received from the local community and Southwark Council throughout this process, and last night, endorses our belief in the need for change," he added.

"This is a once in a generation opportunity to create a vibrant new destination area, with homes, retail and leisure facilities which brings thousands of new jobs to the area, while at the same time allowing us to make a significant contribution to Southwark’s wider housing requirements."

Mr Harris went on to say that this is so prominent that "it is a once in a lifetime" undertaking, which will see the area become a vibrant new destination area. In addition to the tower, there will be retail and leisure facilities to enjoy, helping create new jobs.

Councillor Peter John, leader of Southwark Council, commented that this development is another indicator that the borough is the "new vital heart" of London, and one that will help boost the city's economic prowess.

Development on the site is expected to begin in 2015, with work expected to be complete by 2020 at the earliest.

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