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Mention has been made of the former spa next to the Red Lion as an alternative site for a hotel - that has been acquired by the NHS and has planning approval for offices and nurses accommodation. TfL have started working on a scheme for the construction of homes on the station car park site, so no prospect there either.
Yes - the market site would indeed be suitable for housing and there was a previous approval for flats. But with existing approvals and schemes in the pipeline we have the prospect of some 600+ additional homes in the High Barnet/Underhill area in the next couple of years, and that does not include what may turn out to be an enormous scheme for the station car park and other potential schemes. . Two of the schemes = Meadow Works and Brake Shear House involve the loss of important employment sites. So maybe we have more than enough housing in the pipeline, and something other than flats with the potential to bring employment and trade to the town is no bad idea.