Hertsmere Borough Council's planning committee has approved plans for Legal & General Property's £10 million (approx. 12.7 million) regeneration of the former Elstree Business Centre in Borehamwood.
Construction work is expected to start later this year.
The proposals include a new Wickes store, which will replace the current store in Borehamwood Shopping Park, along with nine trade counter, warehouse and industrial units.
Demolition of the existing obsolete buildings is currently underway and the plans are expected to generate a significant number of jobs for the local area.
Chris Pearse, Head of Business Space for the Life Fund at Legal & General Property, said: "We are delighted that Hertsmere Borough Council has approved the application. The redevelopment of the Elstree Business Centre will provide much needed modern, sustainable, trade counter and warehouse space for the area while the new Wickes store will enable the development to begin immediately.
"This planning permission shows that Legal & General Property continues to invest in its portfolio and is able to increase property values through redevelopment."
Construction work is expected to start later this year with the new Wickes store opening in late 2013.
Source: FTI Consulting