The partners aim to redevelop the Bull Hill and Swan Centre sites with residential, commercial and retail infrastructure across an 8-10 year programme of development.
MVDC and Kier Property are now working to secure financial and legal agreements to formalise the joint strategic partnership.
Councillor Keira Vyvyan-Robinson, MVDC Cabinet Member for Projects, said: “Kier not only bring technical excellence, innovation and technology to the partnership but, more importantly, extensive in-house experience of complex public-sector regeneration projects.”
Leigh Thomas, managing director of Kier Property, said: “We are delighted to have been chosen to deliver the Transform Leatherhead proposals.
“These will enhance the leisure, entertainment and cultural offering of the town centre, providing high quality public realm and significant social value for Leatherhead.
“We look forward to working alongside the team at MVDC over the next few years to deliver our shared vision utilising all the skills of Kier.”