Is 120,000 pounds gross salary enough to live comfortably in London?

We are a family of 4 and I have 3 dependents: my wife, 4 year old and new born baby. My office is in the City and I ideally want to live in a 2-3 bedroom apartment for 1500 pounds a month within a 25 min tube ride. Which residential areas in London can we consider to stay? How much would other expenses like school for my elder child, food, travel, part time help, entertainment and utilities expect to cost? I expect to buy a car for my wife to move around and for me to use in the weekends. Can we expect to save 1000-1500 pounds a month based on the above salary? We would expect to eat out every alternate weekend, where we would also catch a movie, go to a bar, etc