Developer Southern Housing Group's proposal to create the ten-building development on the Free Wharf site in Brighton Road in the town received the green light at a meeting of Adur District Council's planning committee on Monday.
Alongside the homes, the development would include 2,707 square metres of commercial floorspace, 512 parking spaces, a new river wall and new flood defences.
According to a planning report, which recommended approval, the former industrial site is identified as a "broad location for delivering a mixed-use residential and ancillary commercial scheme" in the recently adopted Adur Local Plan 2017.
Of these, 122 homes (75 per cent of the 162 total) would be for shared ownership, and 40 (25 per cent) for affordable rent.
Read more on this story at Planning Resource