Four planning applications have been submitted for a £500m scheme to create 1,500 new homes in South Thamesmead in London.

Peabody’s scheme involves building homes and creation of a high street along Harrow Manor Way, which connects South Thamesmead and Abbey Wood station.

The schemes submitted to the London Borough of Bexley include a detailed planning application for Southmere Village, which would see more than 500 new homes, a new library, cafes and shops, a new lakeside square and space for outdoor activities.

Also submitted are three outline planning applications for Binsey Walk, Coralline Walk and Sedgemere Road. Together these include around 1,000 homes, landscaped areas, a central square, a public plaza, community gardens, cafes and a new pedestrian route. There will also be offices and community and creative spaces which would create a number of new jobs.

Subject to planning permission the first developments will begin in early 2017, with the final phase completing in 2024.

The plans form part of Bexley’s Abbey Wood and South Thamesmead Housing Zone. It is one of two Housing Zones to be delivered in Thamesmead, the other is being led by the Royal Borough of Greenwich. Both will be developed by Peabody with £47.5 million investment from the Greater London Authority.

Peabody’s chief executive Stephen Howlett said: “Thamesmead is a special part of London with huge potential for the future. The creation of 1,500 new homes and a new high street as part of the Abbey Wood and South Thamesmead Housing Zone, together with the arrival of Crossrail means we also have the opportunity to create hundreds of new jobs and attract new business.”