The Residence, which will be 19 storeys high, will consist of one, two, three and four-bedroom homes and new retail space, due for completion in 2017.

It will sit on the former site of Christie’s Auctioneers storage facilities in Ponton Road, south London.

Bellway Homes Thames Gateway managing director Ian Gorst said: “We are delighted work has now started.

“The Residence is an exciting new project for Bellway, and we are thrilled to be involved in the extensive regeneration of the Battersea and Nine Elms area.

“We’re looking forward to continuing to work closely with the community as this develops.”

Of the 510 new homes at The Residence, 76 will be affordable and will be served by underground car and cycle parking.

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● More about Nine Elms

The area – stretching from Lambeth Bridge to Chelsea Bridge – is one of the last remaining industrial districts to be developed in London.

Already home to Battersea Power Station and New Covent Garden Market, the area will also welcome the Embassy of the Kingdom of the Netherlands, the US Embassy and two new town centres.

Included in the huge regeneration project are a public square, parks, schools, tube stations, homes and businesses.

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