The Decathlon warehouse is currently being demolished and will be replaced with seven acres of leisure facilities, retail and office space and housing.
The site in Canada Water will become a new town centre that will include a 100,000sqft Decathlon store, a cinema, bars, restaurants, office space, sports facilities and a health centre.
There will also be 1,030 new homes, ranging from studios to four bed apartments and townhouses. There will be 453 for private sale, 346 for private rent, 162 affordable rent homes and 69 under shared ownership schemes.
Chief executive officer of Sellar Design + Development James Sellar said: “We are delighted that work is now underway on the regeneration of Canada Water town centre.
“Our vision is to create a vibrant new urban neighbourhood through thoughtful design, the introduction of green spaces, enhancement of the waters-edge, independent retail and events benefiting both residents and the wider community.”