A £42million research centre is set to be built at the Royal Free Hospital.

Planning permission was granted on Thursday for The Pears Building, which will be home to the University College London Institute of Immunity and Transplantation and will carry out research into diseases and stem cells.

The building will be constructed next to the hospital in Pond Street, Hampstead, where the multi-storey car park currently stands.

Work is due to start in the spring and is planned to finish in 2017.

The money for the new building has been raised by the Royal Free Charity and UCL. An additional £25 million will be secured for the appointment of research teams.

David Sloman, the chief executive of the Royal Free London NHS Foundation Trust, said: “I am delighted that planning permission for the Pears Building has been granted.

“The new building will bring huge benefits to patients, including providing on site accommodation for out-patients who live far from the hospital.”

“Research being carried out at the IIT will bring benefits to patients across the world as new treatments for cancers and immune-related conditions are developed.”