A MULTI-million pound project to turn derelict and under-used land into a business park could create 1,500 new jobs.

Greenwich Council's planning board approved outline permission for the site, incorporating the West Thamesmead Business Park and White Hart Triangle, at the end of last month.

The creation of 106,000sqm of industrial, distribution, office and storage space could create up to 1,500 new jobs and safeguard another 750 in the area.

But, as required by law, the application has to be referred to London mayor Ken Livingstone, who holds the final decision.

The development is a joint venture between Greenwich Council, the London Development Agency and developer Tilfen.

Covering a total area of 25 hectares, the site is mainly vacant and derelict brown field land and a grade II listed former electricity generating station.

Plans also outline greatly improved road links, with a new road created at the roundabout currently serving Western Way, Eastern Way and Central Way and a road bridge over Nathan Way.

The council is negotiating with Tilfen on a number of issues, including the use of the Greenwich Local Labour and Business employment agency, support for public transport, highway improvements and CCTV cameras and monitoring.

Executive member for regeneration Councillor Bob Harris said: “This is a major opportunity to create jobs.

“This development and the improvements it will bring will encourage continued economic growth and regeneration within the borough.

“It is also bringing into use an area which has been previously landlocked because of poor access.”

Money for the scheme will come from landowners the London Development Agency, the European Union and the Government's Single Regeneration Budget money for manufacturing in the Thames Gateway South area.

If the plans are rubber stamped by the Mr Livingstone, the business park could be completed by December 2007.