Supermarket chain Asda has linked up with housebuilders Barratt for a redevelopment of a store site in London which it says will create a new ‘town centre’.
The Park Royal superstore in north west London will be redeveloped to create a new 60,000 sq ft store with a 400-space car park, along with up to 1,500 new homes, many of them apartments above the new shop. Subject to planning approval, 500 of the homes will be classed as affordable.
Asda said the mixed-use redevelopment of an established store site was a first for the company and represented one of its largest land deals of the last few years. The plans also envisage new retail units, restaurants, health and wellness facilities, and public realm space.
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Ian Lawrence, head of mixed-use developments at Asda, said: “Asda’s venture into mixed-use property re-development marks a significant milestone for the business. By working with leading developers like Barratt London, we are able to maximise the full potential of our property portfolio for the first time.
“This allows us the opportunity to better serve local communities like Park Royal, with a new flagship store fit for the future, whilst creating windfall sites for housing delivery. We are also unlocking further opportunities to release value from our extensive property portfolio, which can be reinvested back into the business to fund other initiatives and support our long-term growth ambition to become the UK’s second largest supermarket chain.”
A planning application will be submitted later this year.
Craig Carson, managing director of Barratt West London, said: “We are proud to be partnering with Asda on their first mixed-use development. At Barratt London, we have a strong track record in both rejuvenating brownfield sites and delivering new homes in the Borough of Ealing, so it’s a partnership and site that makes perfect sense for us.
“This transaction is a sign that there is still land to be unlocked in the capital and reflects one of the markets largest land transactions since 2019. The redevelopment of Park Royal will have a huge impact on the area, with the new town centre unlocking new commercial opportunities for local businesses and providing a new hub for the local community. While the proposed delivery of 1,500 new homes will play a vital part in the Old Oak and Park Royal regeneration plans and will help to unlock much needed new and affordable homes in Ealing.”
Original artice – https://business-live.co.uk/all-about/yorkshire-humber
