Developer Key Property Investments and Rushmoor council have signed a deal some ten years in the making, reports the Surrey Hants Star.
Now a Gala Bingo hall, 50,000 sq ft Sainsbury's and Vue multiscreen cinema are all to be constructed in the town centre.
Empress ward councillor David Clifford welcomed the news and expressed his impatience to get the project underway.
He told the publication: "Every time I talk to residents, the top thing they have asked about has been the town centre. They are hacked off that it hasn't started yet.
"I'm going to be down there with a hard hat and a sledge hammer to make sure that demolition happens."
Gala Bingo managing director Steve McKenna recently told the Aldershot News and Mail that the new club will provide Farnborough residents with a "fantastic night out".
This story was brought to you by onlinebingo.co.uk. UK online bingo starts here!