The Old Kent Road is one of 72 areas in England to benefit from a share of £830 million.
Southwark Council is in line to receive £9.6 million from the fund.
"The year ahead will be a big one for the high street as it seeks to recover, adapt and evolve as a result of the pandemic," said communities secretary Robert Jenrick.
"Today's £830 million investment from the Future High Streets Fund is one of many ways the government is working to help our much-loved town centres get through this and prosper into the future.
"The role of high street has always evolved. We want to support that change and make sure that they are the beating heart of their local community – with high quality housing and leisure in addition to shops and restaurants."
"This investment will help us build back better and make town centres a more attractive place to live, work and visit."