The project is understood to be worth around £70m with main building work set to start next year.
Parent company TJX Europe has already signed up civil engineering contractor Carey to deliver enabling and site foundation works. These works are expected to be finished early next year.
The building has been designed by architect Sheppard Robson and will include three distinct buildings of seven, 10 and 12 storeys.
The development includes improvements to the public realm around the building including green spaces and improvements to Verulam Passage.
The new building will include a basement car park for 100 cars and 210 bikes accessed from Verulam Passage.