Another part of Ashford town centre is to be developed - with shops, homes, businesses and possibly a multi-screen cinema.

It could also provide new restaurants and is expected to create up to 500 jobs.

The work will take place at Elwick Place, a 6.65 acre brownfield site south of the shared space area and opposite Ashford International Station.

David Camp, chief executive of the site’s developers Stanhope plc, said: “This is a key site in the height of Ashford. In the first phase, we plan to create lively, vibrant frontages around Elwick Square, attracting new eateries, perhaps anchored by a multi-screen cinema, and new shops.

London-based Stanhope has now signed an agreement with landowners SEEDA (South East England Development Agency) and work on the first phase could start in 2011.

It is part of a £2.5billion transformation of the town centre.

Stanhope will now prepare a masterplan for the site over the next year and then submit it for public consultation and planning permission.

Judith Armitt, managing director of Ashford’s Future, said: “Elwick Place is the next major step in the transformation of Ashford, coming rapidly upon the start of the high speed service, the extension of the County Square shopping centre and the opening of shared space.

“Having Stanhope plc on board, whose design excellence is evident in many of the nation’s most attractive buildings, demonstrates the strengths of Ashford’s growth plans and the belief top developers have in our future.”