London-based architecture firm McDowell and Benedetti was selected as the company to draw up plans for the new development.
The company won a Royal Institute of British Architects (RIBA) design contest launched to ensure the new facilities are ‘of the highest possible standard’.
Lord Bamford said: “We’ve had lots of interest from house builders and will be very fussy about who we have building on the site.
“We’ll only accept the very highest standard of buidling and ensure developers stick to the designs of the architects.
“The type of house we want to see on this site is, I would say, modern but traditional.
“I really think this will put the heart back into Uttoxeter as it’s right in the centre.
“Providing jobs was always important to me but the business side of things will concentrate on shops rather than industrial units.
“People have called for Waitrose for a while now.”
A key part of the project will be the redevelopment of the Picknall Brook, which flows through the site.
A JCB spokesman said: “Part of the development is to naturalise the current industrial appearance of Picknall Brook.
“It will see the course of the brook realigned, the creation of a pond area to encourage more diverse wildlife species and the removal of concrete beds in favour of more natural materials.
“Steep banks will be created to encourage the breeding of water voles.
“Weirs will be replaced with riffles and gravel barriers and shallow depths will be created to encourage aquatic life.”