The subsidiary of regeneration specialist Hill will partner with Rushmoor Borough Council to create new commercial spaces, local amenities and 750 new homes across the two towns.
Hill saw off 13 rivals to secure the contract following a two-stage tender process.
The council said Hill was picked due to its track record of working with other councils and housing providers including Waltham Forest and Ealing Council.
Rushmoor Borough Council leader David Clifford (pictured, second left) said: “This is such an important step forward in the regeneration of our town centres, as having an experienced investment partner on board will allow us to press ahead more quickly with redeveloping both Aldershot and Farnborough.”
A planning application for the Aldershot redevelopment is scheduled to be submitted next spring, with the Farnborough proposals being submitted spring/summer 2019.
Hill Group reported a pre-tax profit of £47.2m on turnover of £415.6m for its last financial year, citing its regeneration work as a significant contributor.
Chief executive Andrew Hill said the firm had benefited from working more with local government, and that he expected this to deliver “outstanding growth” over the next few years.
The group secured a new five-year £200m credit facility in April, aimed at helping expand the business and its development activities in London and the South-east.
Council housebuilding could ramp up over the next few years following the prime minister’s announcement last month that the borrowing cap for councils would be removed.
In August Hill was named on the Mayor of London’s £2bn development panel, which is designed to speed up redevelopment schemes in the capital’s boroughs.
