Outline planning permission for the scheme was granted by Westminster Council last month.
The Mayor has now given the green light for further redevelopment works, which includes new Tavern and Allen spectator stands.
The South Western Project (SWP) forms the second phase of the overall redevelopment plan for Lord's.
Features of the scheme include:
• A new Tavern & Allen Stand – a single structure to replace the existing two. The design incorporates 5,200 seats, an increase of 1,082 seats compared to the existing stand.
• A new Thomas Lord Building with a street-facing reception, a banqueting suite, and offices for MCC staff.
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• A new Tavern pub, opening into the Harris Garden as well as onto the street
• Enhancement of the area around the Grace Gates to establish a more welcoming, pedestrian-friendly public realm.
• A new Harris Garden Building with a bar facing out onto the Garden and additional dressing rooms both for squash and tennis players, and to better accommodate double header matches.
• Reorganisation of the Pavilion to enlarge the dressing rooms, and convert a current office, physio room and women’s toilets on the corridor between the two dressing rooms into space for team management and a players’ gym.
• An enlarged and deepened basement which will enable vehicles to make deliveries directly to catering facilities etc. underground, removing the need to use the Grace Gate entrance.
Derek Brewer, MCC Chief Executive & Secretary, said: "The SWP is designed to ensure that Lord’s provides the very best facilities for players and spectators alike, and that the Ground remains truly world class in everything it has to offer."
Mayor Johnson added: "The new stands will combine the very best design and architecture with simply stunning views of wickets tumbling and the sound of bat on ball in our capital."
The earliest that work will begin on the project is autumn 2019, due to the need for Lord's to be free of building works that summer for the ICC Cricket World Cup.
(LM/CD)
