St Modwen has started work on the first phase of refurbishment at Farnworth Market Precinct, near Bolton, acquired from Ediston Properties in April 2011.
The developer will spend £150,000 on repairs and improvement to the external façade, the initial stages of a long-term investment in the area. The precinct includes 21 units let to national and local retailers.
Steven Knowles, development director at St Modwen, said: "Retail has a strong part to play in successful regeneration and the market precinct is a real opportunity for St Modwen to bring its expertise to bear on the future prosperity of Farnworth.
"We are working closely with Bolton Council to advance plans for further improvements to the centre and we're looking forward to unveiling plans in due course."
St Modwen has 16 town centre projects among its retail portfolio of 5m sq ft.