The development will include the regeneration of a five-storey, Grade II listed former mill, which will be transformed to include the Debenhams department store and a hotel.
The old Slingfield Mill sits within the Weavers Wharf retail park, which houses Marks & Spencer, Next, TK Maxx, JJB Sports and Soccer World.
Henderson portfolio manager Katherine Pye said: “We approached Debenhams because it will provide the much-needed department store for the scheme and boost Kidderminster’s retail offering. Working closely with Wyre Forest District Council, this careful development and restoration project should not only add to the already successful retail park, but further aid the town centre regeneration.”
Weavers Wharf has a catchment of 80,000 people, all living within an eight minute drive of the park, according to Experian.