McLaren will start demolition work in September to clear the way for the out-of-town retail park, known as the Banbury Gateway.
The Oxfordshire site was formerly the headquarters of motorsport company Prodrive, which plans to relocate to larger premises in Banbury.
McLaren will build major retail sheds for M&S, Next and Primark, with £80m funding for the 285,000 sq ft scheme coming from the Crown Estate.
The project is due to open by Christmas 2015.
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