A joint bid by two Malaysian companies has beaten off challenges from 14 other bidders, including Chelsea FC, for the rights to Battersea Power Station.
The company, SP Setia and Sime Darby, bought the site, which includes the 1930s power station and close to 40 acres of land with a bid of £400m.
Administrators overseeing the process, Ernst and Young, confirmed in a statement that the company had won the rights to the site on the south side of the Thames, one of the most recognisable buildings in the city, which has stood idle since 1983.
The company's plans including building an extension to London Underground's Northern line, to accommodate the area around the old power station.
Wandsworth Council leader, Ravi Govindia, said that the move represented "tremendous progress towards transforming this old industrial stretch of the South Bank," adding that the plan will add up to 25,000 new jobs for the city.
The renovation project will be the first in Europe for the companies, who have residential plots in Malaysia, Singapore and Vietnam.
Chelsea Football Club, which launched a late bid for the power station, had plans to transform the building into a 60,000-seat stadium incorporating the power station's iconic white chimneys.
The club is looking to move from its Stamford Bridge home and the Battersea Power Station bid was believed to offer the best chance to do so.