Next and Marks & Spencer are to open branches in a new 167,000 sq ft retail and leisure site in St James, Dover.
The development is backed by a £53.3m investment from Legal & General Property, which has agreed a deal with current developer Bond City to acquire assets and fund the project.
Work will be completed by autumn 2017.
The development, in the centre of Dover, is part of the council’s wider regeneration plans for the area and coincides with a project to build 10,000 homes by 2026.
Legal & General Property senior fund manager Mark Russell said: “Rents are affordable and will allow for profitable trading – important as we enter a phase in the market cycle where income and income growth is expected to form the greater part of total returns.”