A first phase will be anchored by a 78,000 sq ft ASDA, followed by a second phase of up to 350 new residential units alongside a 60-bedroom hotel and 163,000sq ft of retail, leisure, community and employment space.
The ground work for the plans began in November 2009, when Asda first became involved in plans for regeneration of the site, which became bogged down in planning.
At Launceston, its partnership with Wessex Investors is also acting as development manager to promote a 30-acre retail, leisure and residential scheme.
The first phase of the development will see a 51,000 sq ft Morrisons foodstore built along with a 60-bed hotel for Premier Travel Inn and a Marstons pub.
The second phase of the development, which has received resolution to grant outline planning, will comprise up to 275 residential units.