Work will soon begin on the Brightwells regeneration scheme in Farnham town centre.
An unconditional agreement has been signed between Waverley Borough Council and Crest Nicholson which will allow work to begin on the new retail and leisure hub which will be anchored by Marks and Spencer Food and REEL Cinemas, bringing new life to a dilapidated part of town.
The development will host a six-screen cinema, eight restaurants and 24 retail units, providing more than 800 new jobs. There will also be badly needed affordable homes, a new town square, improved parking facilities and measures to improve the traffic flow in the town centre.
Council Leader Julia Potts said: "I am delighted that we now have an unconditional contract. The agreement means that our vision to deliver a scheme that will reinvigorate Farnham for residents, shoppers and visitors can now finally get underway.
"Although some pre-commencement works have already taken place, the next major step will be to begin work on the access bridge, which will minimise traffic disruption during the works. It is expected that work will start straight away".
"This agreement also means the council will receive a significant up front payment for the land and once completed an ongoing income stream which will support the ongoing delivery of council services."