Barnet Council has confirmed planning permission for a revamped Brent Cross Cricklewood shopping centre as part of the wider Brent Cross Cricklewood redevelopment.
The confirmation comes following the signing of the Section 106 agreement between Barnet Council, developers Hammerson and Standard Life.
The overall development of both north and south sides of the A406 will, hope the council, create more than 27,000 jobs and 7,500 homes and double the size of the shopping centre.
The Section 106 planning agreement is one of the largest ever, and will see a £250m investment in roads, public transport and pedestrian and cycle links as well as three new parks.
It will also produce three new schools and other community facilities as well as a £5.6m improvement to Clitterhouse Playing Fields.
Leader of the Council, Councillor Richard Cornelius said: “It is very difficult to overstate the importance of this redevelopment to Barnet. The council is committed to playing an active role in the development of the south side of the site to get the best financial deal for the taxpayer and to play our part in creating a thriving London neighbourhood.
“We are particularly excited by the opportunities presented by Brent Cross overground station which will give a 12 minute fast link into Kings Cross. We are working very closely with the Treasury and the Mayor’s Office to make this happen.”