The completion of a lengthy land transfer procedure this week will mean that the Bermondsey Square scheme by Munkenbeck + Marshall can finally start on site.
The scheme - originally by Arup Associates - aims to deliver a 'major new cultural facility and enhanced market space' including a 3-star hotel, 63 residential units, commercial units, an outdoor cinema and public square.
The entire project has been beset with problems and delays, including the change of architect and lengthy archaeological research on the site, which is a Scheduled Ancient Monument.
But Southwark council now claims that these issues are in the past. The scheme as it stands will provide space for 200 market stalls for the famous Bermondsey Antiques Market, with WC and refreshment facilities for antiques traders and their clients.
Paul Evans, director of regeneration at Southwark council, said: 'We are delighted that this major regeneration project in the heart of the borough has taken another major step forward.'