Plans to redevelop the derelict former Oriental City site in Colindale into new homes, a supermarket and a Asian food court have been unveiled.

The proposal by Development Securities, the owner of the site which closed in June 2008 and has fallen into disrepair, would see the current building demolished to make way for a new Morrison’s store, 223 townhouses and apartments and a replacement Oriental market.

The company says the 34,000 sq m development would create 700 jobs while providing much-needed new homes and a shopping centre for the area, while staying true to the history of the site.

Former traders of the complex, which at its peak attracted more than 10,000 people a week, have long campaigned to be allowed back into the site and Development Securities confirmed to the Times Series that it was in talks with the traders’ association.

The nine-storey new building would house a 600-seat food court selling Far Eastern cuisine, a 270-seat restaurant, 14 food outlets and 15 new shops and grocers, opening in 2014.

Matthew Weiner, executive director of Development Securities, said: “The submission of our planning application represents a critical step in transforming this long-derelict site into a vibrant new mixed-used scheme that significantly benefits the local area.

“Pending Brent Council’s positive decision, we look forward to getting started on transforming the site into a fantastic new location to work, live, shop and eat.”

The new homes include 83 one-bed apartments, with homes surrounding a pedestrianised central avenue of townhouses with gardens and a children’s play area, with the first homes complete by 2016.

A total of 581 car parking spaces will be available for homeowners, tenants and shoppers coming to visit the complex.

The submission of the planning application marks a positive step forward in the chequered history of the site, which has turned from a thriving emporium of Far Eastern culture into an Edgware Road eyesore.

More than 800 employees lost their jobs when the centre closed, and a much larger £450million redevelopment, which would have included a primary school and new flats, fell through in 2009 when the proposed £68m sale of the building fell through after the economic downturn.

The developer paid £1.4m in compensation to traders after forcing them to relocate for the failed project.