The Young Vic project has been awarded planning consent in a unanimous decision by Lambeth Planning Committee.
Meanwhile the fundraising campaign has just reached a total of £4,000,000.
"We are thrilled that our plans are receiving such strong support from our local borough and community, in addition to recent endorsements from CABE, the Arts Council England Architecture Panel and the Centre for Accessible Environments" says CliÃ³na Roberts at the Young Vic.
"We now await the results of our pending application to the Arts Council 'Grants for the Arts – Capital' lottery programme."
Artistic Director David Lan said: "Our final season in the 'old' Young Vic follows new Young Vic tradition."
It opens with Pulitzer prizewinner Thornton Wilder's surreal and epic comedy The Skin of Our Teeth directed by David Lan. It will be the play's first London production for fifty years.
This is followed by the first major revival of Joe Penhall's Some Voices directed by Matthew Dunster in the Studio. Internationally renowned director Luc Bondy makes his British debut directing Kerry Fox in the World PremiÃ¨re of Martin Crimp's new version of Sophocles Trachiniae, Cruel and Tender.