The new Northern Line tube station will be at one end of the main street, called the Electic Boulevard, and the Power Station at the other.
Fresh images of Battersea Power Station have been released, showing how it could look after being redeveloped.
The redevelopment of Battersea Power Station, one of the best-known sights in London, will begin later this year, its new owners have said.
London mayor Boris Johnson has welcomed investment into the Battersea Power Station, which begun reconstruction today. Mr Johnson said that there is "massive confidence and interest" in London from all around the world.
Malaysian Prime Minister Datuk Seri Najib Razak said that construction at the Battersea Power Station was a "shining example" of what the UK and Malaysia could do together.
Malaysian investors bought the 39-acre site by the Thames it is now set to become a prestigious residential and shopping development. Mr Najib told David Cameron today: "It is a shining example of what we can do when we get together. We are partners for prosperity."
Just arrived on my trusty bike to see the start of Battersea’s transformation – thousands of houses and jobs and brand new transport links
David Cameron said it was "about time" as he hailed the start of an £8 billion redevelopment of Battersea Power Station.
The Prime Minister visited the central London site - which has been lying unused since 1983 - with his Malaysian counterpart Datuk Seri Najib Razak.
Speaking with Mr Najib, the premier said: "This is a great day. It has been a long time to get the Battersea Power Station development going.
"It stopped producing power 30 years ago and it has taken this long to get off the ground. It needed your help".
David Cameron and his Malaysian counterpart Datuk Seri Najib Razak will join Mayor Boris Johnson on a trip to the Battersea Power Station site today.
The visit will mark the official start of work on the old power station which has been derelict since it was decommissioned in 1983.
The Grade II listed landmark will be transformed into upmarket new flat and houses. The project is costing £8bn and is largely funded by Malaysian investors.
They Mayor of London Boris Johnson is set to visit Battersea power station today to mark the official start of works. The iconic London landmark which has lain dormant since 1983 is set to be converted into flats and townhouses.
Thousands of people will hit the streets of London tonight dressed in an array of colourful bras. Moonwalk 2013 will take place in Battersea Park where entrants can either power walk their way through a half or full marathon.
The event has been organised by Walk the Walk, a charity which raises money for vital breast cancer causes, while encouraging men and women to adopt a healthier lifestyle.
Famous walkers who'll be attending include TV presenters, Penny Smith and Janet Ellis, actress Emma Kennedy and singer Alison Moyet .The theme this year is outer space, so anything extra terrestrial or science fiction based goes.
Thousands of walkers are expected to do the walk in bras covered with things associated with aliens, astronauts and much more.Since its launch 17 years ago, Walk the Walk has raised over £85 million for vital breast causes.
The first homes at Battersea Power Station will go on sale tomorrow - with prices ranging from around £340,000 for a small studio to £6 million if you want a penthouse. Rags Martel has more:
Cracks are visible on some of the chimneys and need to be rebuilt for safety reasons and to ensure they last, say the developers.
But campaigners say taking the chimneys down will ruin the character of the building.
A small group of people dressed as monkeys gathered outside the station today with placards claiming the company behind the development 'don't give two monkeys' for the iconic building.