A detailed planning application has been submitted to South Lanarkshire Council proposing retail units and a housing development at the vacant site.
More than 250 jobs are to be created if plans for a thriving retail hub at Peel Park are given the green light.
Property firm London and Scottish Investments announced this week they have submitted a detailed planning application to South Lanarkshire Council for a major new £40million retail development at the derelict site.
The proposals will see the long-awaited redevelopment of the site, off Redwood Crescent, which has lain vacant for years.
The Glasgow-based company bought the land from Tesco in August after the supermarket giant controversially shelved plans to build a store and Dobbies garden centre.
A major new retail and residential development is proposed and is expected to comprise of food and non-food retail units and a public house/restaurant as well as residential and nursing home uses.
The retail element of the current proposal is expected to extend to approximately 115,000 square feet.
The development comprises 108,000 square feet of retail space housed within 12 units, plus two drive-thru units of 3,595 square feet each.
It is expected to create over 250 new retail jobs, with further employment opportunities during the construction period.
LSIL has also submitted a Planning Permission in Principle (PPP) application for 98 new homes – a mix of flats and terraced, semi-detached and detached houses – on the same site.
The applications follow 12 weeks of consultation on the plans, including two public exhibition events which took place in January in the town’s Bruce Hotel.
If the proposal is given the go ahead the retail hub is expected to be completed by the end of next year.
Bryan Wilson, group development director at London & Scottish Investments said: “Our plans have been very well received during the consultation period, with local people in particular very happy to hear that something will finally be happening on this site, and that there could be new shops, homes and hundreds of new jobs in the pipeline.
“We are now in advanced discussions with major UK retailers who are interested in occupying the development and we hope to make announcements in the near future.
“We’ve also had significant interest in the residential side from a number of housebuilders and should be able to announce a preferred developer very soon.
“Subject to planning approval, we intend to start construction work on site in late Autumn 2016 with completion expected by late 2017.”