Construction on the £80m retail and leisure scheme will start next year with demolition work getting underway in January before the new build starts in the Spring.
The Old Market site will provide the city with a department store, along with a six-screen multiplex Odeon cinema, a Waitrose supermarket and 25 additional retailers and restaurants.
Alistair Shaw of Stanhope said: “We are very pleased that Herefordshire Council’s planning committee has given us the go-ahead to progress the Old Market and are excited that this will now pave the way for us to begin demolition and construction in earnest in the new year.
“We have shared the Council’s vision for Hereford City Centre from the start, and by working with the local community and a wide range of the city’s stakeholders, have been able to align our detailed design with their aspirations for this beautiful and historic city.
“By investing in new public realm and architecture, we will be able to attract major new retail tenants, increasing the diversity of the retail offer in Hereford and providing an unprecedented boost to the city’s regional retail status.”
Architects, Allies & Morrison and Leslie Jones, have drawn-up the masterplan.
The primary building materials used in the development will be Hereford brick, render and timber.
Paul Appleton, Partner at Allies & Morrison said: “It has always been our intention to ensure the delivery of a sensitive extension to Hereford, reflecting the distinct architectural heritage and identity.
“We have made a strong cohesion with the city centre our priority. This is why our detailed design has been directly informed by a close study of Hereford’s spatial realm and built fabric, to create new streets and public spaces that are sympathetic with the existing architecture and that link seamlessly with the rest of the city.”
A modern road crossing system across Newmarket Street has also been designed to encourage pedestrian routes throughout the city centre.