The £200m mixed-use regeneration will include both residential and commercial elements, as well as new public realm.
Surrey Heath Borough Council chief executive Karen Whelan said: “The proposed scheme will completely transform a run-down area of the town centre and create a thriving new town square surrounded by a large mixed-use development, including retail, residential, parking and new outside space.”
Site surveys will now start and a planning application drawn up.
Andrew Storey, managing director of Kier Property Regeneration, said: “We are delighted to have been chosen by Surrey Heath Borough Council to develop this important site in Camberley. We believe our proposals will provide vibrance to the town given the mixed-use nature of them and we look forward to working alongside Karen Whelan and her team over the next few years to deliver our vision utilising all the skills of Kier Group.”