Supermarket retailer Asda is preparing to submit plans for a £100 million regeneration of the former Transco site at New Barnet in Hertfordshire.

If the plans are approved, Asda will develop a mixed-use scheme to include an Asda foodstore, as well as other retail units, and a residential element with one, two and three bedroom homes. Asda has been preparing the plans since it bought the site in 2006.

The scheme’s residential element would be developed by Linden Homes, with the majority of the housing sitting above the new 78,040 sq ft (7,250 sq m) Asda store.

Asda and Linden Homes will jointly submit the application this summer. The project will also include extra public space, parking spaces and improvements to the surrounding road system.

An Asda spokesman said: “The former Transco site is in need of significant regeneration and it is recognised by the Council as being key to the overall objectives for the enhancement of the town centre.

“A great deal of thought has gone into the design of the scheme to ensure that our proposals fit in with the town and complement it.”