Moyallen, the owners of the Peacock shopping centre, have teamed up with Woking Borough County and Surrey County Council creating a joint venture now known as Bandstand Square Developments Limited to redevelop Woking town centre.
Plans for the 125,000 sq ft Victoria Square retail development, include a 60,000 sq ft Marks & Spencer and up to 730 jobs. There will additionally be a 190-bed four star hotel in a 21 storey tower, 392 residential apartments in two towers of 28 and 34 storeys.
Further to this, the plans also include space for a medical centre, 380 additional car parking spaces and two new public plazas.
A new larger fire station will also be built, with 20 residential units above, and will be delivered prior to the decommissioning of the existing facility.
It is hoped the first phase of construction will begin this year with the new Marks and Spencer store open by Christmas 2017.
Architects Benoy are behind the main retail scheme and Pick Everard will design the new fire station scheme.