The facility will be built at a gap site on Wallneuk Road and construction is scheduled to start early next year, with a target opening date of Spring 2019.
Retailers Lidl and The Range are in line to be the development's first anchor tenants, with developers London and Scottish Investments aiming to take up residence in the one remaining unit. Elsewhere, Canadian coffee chain Tim Horton's will operate a drive-through coffee shop.
Once finished, the park will create almost 200 new jobs, with over 100 long-term and secure retail posts and around 80 jobs in the year-long construction phase. In addition, the site will contain around 400 car parking spaces.
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Renfrewshire Council Depute Leader, Jim Paterson, said: "These proposals for development at Wallneuk Road will bring a prominent gap site on the edge of the town centre back into use and provide a welcome boost to the retail offer across the town.
"We recognise the importance of Paisley town centre but the businesses coming into Wallneuk - such as Lidl - are looking for a larger footprint than the heart of the town centre can offer.
"However there is a lot happening to drive new footfall to town centre businesses by playing to Paisley's unique strengths - with the town's bid to be UK City of Culture part of a wider plan to use our heritage to change our future, including a £113m investment in town centre venues and infrastructure, making us a key destination for events and tourism.
"The development at Wallneuk will complement those ambitious plans and it is a vote of confidence for Paisley to see private sector investment coming into the town, bringing with it more jobs and more visitors to the area."
Bryan Wilson, Development Director of London & Scottish Investments, added: "I feel very privileged to have played a part in this development which will make a significant contribution to the local economy in my home town."
(LM)
