Plans for a £5.5bn mixed-use redevelopment of Battersea Power Station in south London have been submitted to the local authority by developer Treasury Holdings UK.

Wandsworth Council will now decide whether to grant planning consent for the proposed redevelopment of the 40-acre (16.2-hectare) site, which has remained derelict since the 1980s after a series of failed attempts to regenerate the iconic Grade II*-listed building. A masterplan for Battersea Power Station, which has been drawn up by architect Rafael Viñoly, includes 700,000sq ft (65,032sq m) of restaurant and retail space, a hotel, community facilities and a conference centre.

A riverside park, an extension to the Riverside Walk through to Battersea Park and public access to restored historic areas of the power station are also proposed, as well as 1.6 million sq ft (148,645sq m) of office space and more than 3,700 residential units. Rob Tincknell, Treasury Holdings UK managing director, said: "It is a plan that, vitally, will finally deliver this important site's regeneration and create a compelling and vibrant new urban quarter for London.

"At its heart will be the Power Station, giving new life for generations to come and standing as a commanding reminder of London's industrial past and thrilling future." It is hoped that the scheme will also complement the proposed Northern Line extension from Kennington to Nine Elms and Battersea Power Station, as well as London mayor Boris Johnson's new transport strategy.

Wandsworth Council leader Edward Lister added: "Everyone wants to see the Power Station restored and the whole site developed to provide new homes and jobs. This application is a further sign that things are about to take off in the Nine Elms corridor which, at its closest point, is little more than a mile from the Houses of Parliament. "We have already granted outline permission at a separate site in the area for the new US Embassy. These two important projects are hugely symbolic and demonstrate the scale of the commitment to this new urban quarter in the heart of London."