Big names such as Paul McCartney, Neil Young and Aerosmith could be performing in Clapham Common this summer.
Live Nation, the company behind large scale rock concerts in Hyde Park, have been granted a license by Lambeth Council to bring events to the Common.
A 45,000 capacity event will take place from June 27 to June 29, running from 10am to 10.30am.
An original application for a five day event in summer was reduced to three days, while the company was not given permission to extend the area it will occupy.
Live Nation have described the event as "middle of the road", providing musicians more likely to draw an older crowd
A council document said: "It was submitted that such an event would likely attract a more mature audience than say for a dance event, an audience that was also likely to be more compliant, more likely to disperse promptly and safely after the event."
During the meeting neighbours, ward councillors and amenity groups objected to the proposals, concerned with the numbers of people descending on the common.
Mr F Uhde, of Clapham Common Northside, worked with an acoustic consultant from Wisemill Acoustics and claimed the council was breaching it's noise policy.
Councillor Shirley Cosgrave, who lives nearby, said there was a lack of consultation while Councillor Helen O’Malley said the common was still recovering from events in 2013.
Melanie Oxley, chairman of the Friends of Clapham Common (FCC), said: "We understand the need for Lambeth to raise revenue from events, but we had hoped the licence would limit the numbers to what we know the Common can cope with - ie around 20-25,000 per day.
"We fear that 45,000 people all coming away from an event at once will put enormous strain on the infrastructure, particularly public transport, to say nothing about the effect on Clapham Common itself.
"In the face of pressure from FCC and others, Live Nation had accepted that an open-ended licence was not likely to be granted."
Anna Jefferson Smith, of the Clapham Soceity, said the event site is still damaged from Freeze Festival which took place in the common last November.
She said: "Clapham Common is not the field of the Isle of Wight, it is not the 02 Arena and does not have the ring road around Hyde Park.
"It is a really small green space which is vital to the local community."
Live Nation are expected to be based in the common for 18 days, including setting up and breaking down time.