Plans have been submitted to Lewisham Council for a £1bn scheme to build 3,500 homes on Deptford's Convoys Wharf.

The 40 acre wasteland has been derelict for 13 years and developers Hutchison Whampoa would create shops and restaurants, as well as three new parks, and a 270-metre long jetty on the site of the former historic royal docks in addition to the homes.

Ms Ruddock, MP for Lewisham and Deptford, said: "I am very pleased that progress has been made. The developers have respected the enormous historic importance.

"They are positive because bringing jobs and homes, but it is always vital that developers have regard for the very special character of Deptford.

"We don't want it to become a millionaire's waterfront playground and that is why I have been working with developers to not drive out local people and the character, and I think on balance we are just about managing it."

The scheme aims to link to and enhance the existing High Street and historic town centre, providing new employment opportunities and adding to the already established and creative industries in the area.

Dr Edmund Ho, director and general manager of Hutchison Whampoa properties (Europe) Ltd, said: "We are delighted with Sir Terry Farrell's vision for the site, which creates a new urban quarter on Deptford's waterfront.

"Not only does it reconnect this previously inaccessible site back to Deptford High Street and the surrounding area, it also gives real emphasis to the rich heritage and history of the area.

"The development will also bring employment, training, regeneration and other benefits to the local community."

The 'Outline' Planning Application will set the framework for development of Convoys Wharf over the next 15 years.