The decision by Glasgow City Council to extend the Fort shopping centre is also expected to create up to 450 more jobs once the additional retail and other facilities open.
Glasgow City Council's Executive Committee has approved the conclusion of negotiations over the extension.
An agreement was reached between City Property, which manages Glasgow City Council's commercial property portfolio, and Hercules Unit Trust, head tenant at Glasgow Fort and Shandwick Square Shopping Centre.
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This means Phase 2 at Glasgow Fort will get underway through a multi-million pound investment. The new agreement will see an extension of up to 175,000 sq ft at the shopping centre.
Glasgow Fort is one of the most successful out-of-town shopping centres in the UK.
It has already created more than 1500 jobs and over 90 businesses to Easterhouse since it opened in 2004. Glasgow Council says around 65% of these positions were filled by local people.
Bailie Liz Cameron, Executive Member for Jobs and the Economy at Glasgow City Council, said: "Glasgow Fort has been a great success story in the city's East End, attracting a fantastic number of jobs and businesses.
"This positive economic impact will be taken to a new level by today's decision, hopefully attracting further investment to the area which would bring many new jobs to local people. The sum paid by the developers as part of this agreement is a very welcome contribution to the continuing regeneration of this part of Glasgow."
(IT)
