Swale Borough Council voted in favour of the plans, which will see an Aldi and Premier Inn open on the site.
Henry Davidson Developments (HDD) is leading the scheme with support from Pegasus Group.
Scott Davidson, managing director of HDD, said: "We are delighted that councillors have approved this well-planned scheme that will bring significant economic benefits to the local area.
"The proposed 84 bed Premier Inn is set to generate around 29 new jobs, with a target for 50% to be taken by those not in employment, education or training aged between 16 and 24. The new Aldi store will employ 50 full time equivalent employees, as well as supporting the expansion of facilities at the new Sheppey Distribution Centre which ultimately will provide 400 jobs and will broaden the retail offer in Faversham.
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"Thanks to the support and dedication of the team at Pegasus Group we now look forward to progressing this development at the soonest possible opportunity."
Steve Lewis-Roberts, a Senior Director at Pegasus Group, added: "We are extremely pleased that HDD's vision for this development, that will bring much needed services to the new community and the existing town, has won the support of Swale Borough Council.
"During the consultation process significant design changes were made to ensure a bespoke development that is right for Perry Court, and this was reflected by the fact that were no objections from statutory consultees and that the application had the support of the local Faversham Town Council.
"It has been a rewarding project to be part of with all parties working hard to steer it towards today's positive conclusion."
(CM)
