The plans – submitted by YTL Developments UK Ltd – include the construction of 2,675 new homes on the 354-acre site in addition to three schools, recreational areas, community facilities, a doctor’s surgery and a new railway station.
The plans also include the provision for 62 acres of employment space, which is expected to create thousands of new jobs.
Detailed designs have not yet been finalised, however, the company is planning for the new homes to feature built-in ‘smart’ technology.
The final design will also include the Concorde Museum and aero collection, as well as the refurbishment of a historic listed spitfire hangar.
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Barra Mac Ruairí, chief operating officer at YTL Developments UK, said: “We are delighted that our plans to deliver a new neighbourhood of much-needed homes, community facilities and great parks and green spaces to this area of south Gloucestershire will now become a reality.
“YTL has taken time to produce a quality scheme as will be our hallmark.
“We have not rushed our application as it is the foundation for our future delivery.
“We have been investing in utilities, property and hotel assets across the UK for over a decade and we are committed to building a positive social and economic legacy for future generations.
“We would like to thank all those who have worked with us to shape these exciting plans.
“We look forward to continuing to work closely with the local community as the development becomes a reality.”
Construction of infrastructure is scheduled to begin next year, with construction of the first buildings set to start in autumn 2018.
YTL expects the first homeowners to move in from spring 2019.