The development includes a large hotel and a development of 366 apartments.
Joint developers for the scheme, Newbury Racecourse and David Wilson Homes, got to develop the western area of the course with more than 400 homes.
Approval for the central area puts the project on track for construction to start in 2012.
Redevelopment includes improvements to the racing, hospitality, conference and events facilities, better access via a new bridge, a hotel and up to 1500 new homes.
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