A 4,000-capacity music venue next to The 02 has been approved by Greenwich councillors.

Developer Knight Dragon plans to build a two-storey venue for gigs, conferences and other events on the Greenwich Peninsula.

Knight Dragon, which is also behind major regeneration plans for the Peninsula, said the venue would be open for up to 10 years.

Councillors approved the proposals at a meeting last Thursday, July 19.

The venue’s auditorium will have 1,400 seats, and room for 3,000 people standing. The 02 Arena next door, which opened in 2007, has a capacity of 20,000.

Councillors gave Knights Dragon the go-ahead on the condition it doesn’t host more events than it proposed in its application.

The venue will host up to 20 conferences, 10 awards, eight concerts, eight exhibitions, 25 corporate parties and 12 brand events a year.

No on-site parking has been included in the plans, except for taxi drop-off and three disabled bays.

The venue will be built on a currently empty plot off Tunnel Avenue.

Council officers said in their report before the meeting: “On balance it is considered the proposed temporary use of the site will allow for an effective use of the site, that supports relevant policy under the London Plan by providing increased opportunities for art, culture and entertainment nearby to the established O2 Arena.”

Knights Dragon is planning thousands of homes, new neighbourhoods and a design district along the Peninsula – with some towers as big as 40 storeys.