The St Stephens Place Leisure Park is one of two rival cinema schemes planned for the town.
Odeon Cinemas and Premier Inn have signed up to be part of the project which is expected to cost around £18m to build.
Tim Russell, senior asset manager, said the construction process would start immediately.
He said: “We have worked alongside Wiltshire Council to design and deliver a pure leisure scheme on St Stephen’s Place to bring back into proper use a site that has been derelict, and a blot on the landscape for the last 18 years.”
He said he hoped the complex would be “open and ready to trade” by autumn 2013.
A planning application for a similar cinema, supermarket and restaurant complex on the former Bowyers factory site in the town has yet to be approved.