Twin towers, climbing 42 and 32 storeys could soon define the Wandsworth skyline after Wandsworth council approved plans by developers Minerva.

The towers will be built on the site of the historic Ram Brewery, which since the reign of Queen Elizabeth I stood at the heart of Wandsworth, and paves the way for several skyscrapers already planned.

Minerva said its scheme will create 1,000 new homes, 400 jobs and provide a £41m to reduce transport problems around the town centre.

It will also restore existing listed buildings on the site including the Brewer's House and the stable block and provide space for new community facilities, including a micro-brewery.

More than 20,000 square metres of commercial space will be used for bars, restaurants and shops which will complement the Southside Centre opposite.

The old brewery site will house the 32 and 42-storey towers. Nine other blocks here will range in height from three to 15 storeys.

A new riverside walkway will also be built, with three new footbridges across the Wandle.

Leslie McDonnell, chairman of the applications planning committee which passed the plan by nine votes to two on Wednesday night, said the whole town centre would benefit from the planned regeneration.

“This is an ambitious scheme which has the potential to transform the town centre by making it a place where people live, work and enjoy their leisure time.

“Whichever side of the town centre you live, you will be able to walk or cycle through the development on your way to the riverside or the high street or to stop for an evening out with friends,” he said.

“The new homes, shops and restaurants come with the biggest transport 'dowry' we have ever secured. It is the only prospect we have of getting the money to tackle the area's chronic traffic problems.

“The whole development has been designed to make the most of the site's unique industrial heritage. It aims to create an attractive environment that will change for ever people's perceptions of the town centre.”

As part of the deal Minerva will have to sign a legal agreement promising £41m for a series of transport-related improvements.

Mayor of London Boris Johnson said the development met his requirements for the highest quality design and added that GLA designers were satisfied that the applicant had produced “convincing proposals for opening the River Wandle, for new river crossings and for public spaces throughout the scheme”.

Plans for skycrapers in Nine Elms, Clapham Junction and Putney are all in the planning process.