The proposed development, called the The Makinson Quarter, will remodel the existing shopping complex and return the town centre’s former street layout.

The aim is to create space for a new supermarket and return the markets to their original location.

There will also be a leisure hub centred around a new square.

A planning submission said the scheme will cover 500,000 sq ft and be designed by Edinburgh-based Comprehensive Design Architects.

Adrian Oliver of Vale Retail said: “The leisure hub incorporating a multi-screen cinema, gym, restaurants, bars and cafes will attract more people into the town centre and help build a night time economy.”