The new European headquarters of cosmetics firm Avon is due to open in the autumn of 2009 – the 50th anniversary of the company in Northampton.
The West Northamptonshire Development Corporation (WNDC) has given the company planning permission to build a five-storey building in Nunn Mills Road, where its present premises are next to the River Nene.
The move will secure Avon's association with Northampton, which first began in 1959.
The company's project leader, Carole Stronach, said: "This is a very exciting project. We're absolutely delighted to have secured planning permission for Avon's new UK head office and can now move forward with developing the facility."
The WNDC, which was set up by the Government to push forward the expansion of Northampton, hopes the development will kick-start the regeneration of the riverside area.
The group's chief executive, Mike Hayes, said: "This is significant development for Northampton.
"The WNDC are delighted to have a role in enabling Avon to develop a new and contemporary headquarters on this site, which is important for Avon and the town as a whole. We have high ambitions for Northampton and this new headquarters is an important statement of confidence in the town by a significant international company."