The Spirit of Sittingbourne project is being developed in public private partnership comprising Development Securities (DevSec), Swale Borough Council, Essential Land and Quinn Estates.
It is one of the projects that DevSec acquired as part of the Cathedral portfolio acquisition.
Phase one of the Spirit of Sittingbourne will bring forward the development of six sites across the town centre to include a seven-screen cinema, 29,000 sq ft of restaurant space and 34,000 sq ft of ‘big box’ retail sheds.
The overall scheme is expected to generate £250m of investment into Sittingbourne over the next 10 years, creating a leisure quarter linking the High Street and the main line train station.
DevSec executive director Richard Upton said: "Spirit of Sittingbourne is an excellent example of our work in mixed-use regeneration in collaboration with local authorities and with this consent to hand we are a step closer to our ambition to be the public sector's partner of choice for regeneration. We are delighted to have secured planning consent for this significant development which will create a catalyst for growth in the town and we look forward to now delivering the project in partnership with the consortium."