The new owners of Junction One retail park are planning to invest £30m redeveloping the site which, they say, had been ‘lacking in investment’.
The site will be redesigned with new shops, a new square and new food and drinks outlets.
The Lotus Group and Tristan bought Junction One and The Outlet in May.
Junction One currently employs about 500 people.
The Lotus group says the redevelopment will create about 475 jobs and the construction phase about 430 jobs.
Their planning application is due to be submitted in February.
Director Alastair Coulson said: “When we bought Junction One we inherited a retail park that was neglected for a number of years and suffered from a lack of investment.
“We expect that further investment will be triggered off the back of this redevelopment and indirect benefits will be numerous for the local supply chain and local area.”
Junction One opened in 2004, but struggled in the economic downturn.
It was put on the market in September 2015.