Ashwood House occupies a key site on Pembroke Broadway in Camberley town centre, and was acquired by SHBC in 2015 to facilitate its future development.
The upper floors of the building will be transformed into high quality residential accommodation, comprising around 100 flats, subject to planning permission.
Simultaneously, Berkeley Homes will redevelop Pembroke House, located on Frimley Road. The scheme has the potential to offer around 25 flats and ground floor retail space, subject to planning permission, providing affordable housing for local people and retail space for Camberley's businesses.
Following a full procurement process, Berkeley Homes has been named as the successful bidder for both schemes.
Leader of Surrey Heath Borough Council, Cllr Moira Gibson, said: "The redevelopment of Ashwood House and Pembroke House are priorities for the Council, to continue with the regeneration of Camberley town centre and surrounds.
"We are pleased to have appointed Berkeley Homes, whose proven track record, well-considered proposals, and expertise aligns with the Council's town centre delivery objectives."
Chris Gilbert, Managing Director of Berkeley Homes Southern Division, said: "We are extremely proud to be involved in Surrey Heath Borough Council's vision for Camberley. Our experience in this kind of redevelopment project means we will deliver much needed housing to the council's plans, with homes for local people and additional retail facilities."