The site, Victoria Quarter on Albert Road in New Barnet, has been purchased from McLagan Investments, a subsidiary of supermarket group Asda.
It is currently occupied by several vacant mixed-use and commercial properties. These will be demolished as part of redevelopment.
As it was previously a gas works site, the area is heavily contaminated and will require 12 months of remediation works to clean it up. The remediation works will start early in 2016 with main development works expected to start on site in early 2017.
The new development will include homes for sale, including affordable homes, retail and flexible commercial floor space.
One Housing development director Alan Williams said: “This is a great opportunity for One Housing to transform a contaminated brownfield site into a beautiful place where people want to live.”