The submission for the CPO, the largest and most complex of its kind ever, was made by the LDA last year and the announcement means a vacated site will be handed to the Olympic Delivery Authority in July next year ready for construction to begin on the Olympic Park.
Chief executive of the London Development Agency (LDA) Manny Lewis said: 'While we have been granted the CPO powers, we will continue to negotiate with landowners in an effort to reach agreements.
'We have already managed to secure 93 per cent of the land through negotiation, and the LDA is on course to deliver an incredibly complex project on time.'
He continued: 'Not only are we safeguarding public money by ensuring the land is bought at a fair price, but by supporting employers through the relocation process we are fulfilling our role as an economic development agency, in what is a one-off regeneration opportunity not only for east London but for the whole of London.'
The LDA has offered landowners a market value for their sites as well as support for their relocation.
The next steps for the LDA will be to write to all landowners and occupiers in the Olympic Park notifying them of the confirmation and the agency's intention to develop the land.