The redevelopment of the station will include a new ticket hall and multi-storey car park, expected to cost around £7m.
Alongside this the Solum partnership also aims to build 150 apartments in two blocks of up to 8 storeys and a 25,000 sq ft Waitrose supermarket.
Solum hopes to start work at Redhill early in 2014.
Simon Rutter Solum Regeneration’s director said: “The regeneration of Redhill station is long overdue. We have received overwhelming support from the local community and are delighted that the Council has approved the scheme.”