The joint application was made by Newmarket Lane and Mountpark and the decision allows for works to start on site in May, which will include a new spine road through the scheme and extensive landscaping.
This will pave the way for the delivery of the warehouse by Mountpark which, when complete, could see the creation of around 1,500 new jobs.
Wakefield Hub is being delivered by Newmarket Lane, a joint venture between Henry Boot's property development business HBD and Yorkcourt.
Wakefield Hub is a prime location for industrial and logistics operators in the North of England, offering access to the M62, M1 and A1. It is also one of the largest regeneration projects of its kind in the UK.
Regenerating the former Newmarket Colliery site, the development will secure inward investment and create thousands of new jobs, helping to create a thriving local economy in Wakefield.
Ed Hutchinson, managing director of HBD, said: "We are very pleased that the planning committee has approved the application for this latest development at Wakefield Hub - it's brilliant news for Wakefield and is a huge vote of confidence in the city as a place to invest."
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