Tower Hamlets council has approved British Land and Barratt Developments planning application for a 463 homes, a 160 room hotel plus retail and office space to be built at Aldgate Place in E1.

The development is adjacent to the Barratt London Alie Street site on the edge of the City, and will include three towers of over 20 storeys high. It will have a gross development value of around £250m.

The development will see new homes, ranging from studios to four-bed apartments, including 35% affordable housing a new hotel with conferencing facilities, 1,160 m2 of new retail, restaurant and café space, 3,350 m2 of new office space, suitable for both small start-ups and medium-sized companies plus new public open space and enhanced access across Aldgate via the site.

Mark Clare, Barratt CEO, said: "Our Barratt London business is expanding fast and we are now working on £2bn of new developments with four JV partners - British Land, L&Q, Morgan Stanley Real Estate Investing and Metropolitan Housing. We are planning to deliver 2,000 new homes a year in London and our technical capability to deliver complex schemes in the capital is providing us with a competitive edge in securing new business."

Work is scheduled to start early in 2014, with initial completions expected in 2016.