The Basing View business park scheme will see around 650,000 sq ft of commercial-led development at five linked sites over 15 acres in the town centre.
As well as a mix of office space, the scheme will see a business hotel and other supporting facilities built.
Morgan Sindall’s urban regeneration arm Muse was selected as the council’s preferred development partner for the scheme in November 2011. Construction work on site will should now start this summer.
The partners are working on a co-ordinated strategy to reposition the estate which will start with a £3.3m investment in the public realm, which will include improved connectivity to the town centre.
This work follows an announcement of £4.3 million of Government funding to improve junction 6 of the M3 and Black Dam roundabout. The funding from the Highways Agency has been awarded to support new jobs in the town and will benefit the regeneration of Basing View.
Mike Auger, regional director for Muse Developments, said: “We are delighted to have signed the development agreements for Basing View.
“We will now work closely with our partners towards submitting the first planning application in early 2013.”
Deputy Leader of the Council, Cllr Ranil Jayawardena, who has direct responsibility for Basing View, said: “We have already acquired and demolished obsolete buildings on site and this pro-active approach is set to continue to facilitate new construction and investment.
“The comprehensive landscaping scheme will provide a high-quality environment and estate identity expected of an urban business park of this scale and ambition.”