Minerva has been given the go-ahead for its redevelopment of the Odeon cinema on Kensington High Street after concluding a section 106 agreement with the local council.
The investor and developer can now develop 100,000 sq ft of luxury apartments at the site, as well as a new underground multi-screen cinema.
As a part of the section 106, which provides community benefits paid for by the developer, it will provide 30 affordable housing units off site.
The section 106 was agreed with the Royal Borough of Kensington and Chelsea.
The cinema, opposite the entrance to Holland Park, was acquired in a joint venture with residential developer Northacre for £24m in 2005.