The development is being promoted by Solum Regeneration, a partnership between Network Rail and Kier Property, which was established to bring private investment into the rail network.
However, there is no certainty that the construction contract will go to Kier. The work is being put out to competitive tender. Solum hopes to start work at Redhill early in 2014.
Reigate & Banstead Borough Council’s planning committee has approved plans to upgrade the railway station and build a neighbouring development of 150 apartments and a Waitrose supermarket.
There will also be a new multi-storey car park for 450 cars, a new public square outside the main station entrance and improved pedestrian links to the town centre.
Network Rail route managing director Tim Robinson said: “The plans to regenerate the area around Redhill station will deliver a substantial package of improvements to the station and complement other improvements being planned by Network Rail and Southern, the train operating company. By making more of our land assets around the station, we can generate funding to improve facilities for passengers.
“The station will be transformed with a new ticket office, better car and cycle parking and a new public square to welcome visitors arriving at the town. Passengers and local people will notice a real difference at the station when the improvements are complete.”
In addition to Solum’s plans, Network Rail and Southern are also proposing to install a new footbridge and a lift for step-free access.