Proposals for the build were first announced back in 2014, with the hospital gaining planning in August 2017.
Built in woodland behind the current site, it will have six operating theatres and 48 inpatient beds, plus 22-day case cubicles.
The new hspital will specialise in planned, non-emergency procedures such as orthopaedics, general surgery, urology, gynaecology and endoscopy. Space for the Trust’s private patient unit will also be included.
Dr Tim Ho, medical director at Frimley Health NHS Foundation Trust, said: “We are delighted that work to build a new hospital can now begin on the Heatherwood site.
“This will be a fantastic hospital fit for the 21st century, offering state-of the-art care for our patients and a first class working environment for our staff.”
The old building will be demolished to make way for up to 230 homes and a new primary care GP hub.
The new Heatherwood Hospital is the latest major development in Frimley Health’s £200m capital investment programme.
The Trust is also spending a further £35m on improvements to its buildings and environments across other sites.