Asda has unveiled plans for a mixed-use redevelopment of its ten-acre Park Royal site in North West London as part of moves to release value from its extensive property portfolio that can be reinvested in the business.
The retailer has partnered with property Developer Barratt London on plans to redevelop the Brownfield site, which is currently home to its Park Royal Superstore.
The proposal, which is subject to planning approval, includes creating a new town centre at the heart of the Old Oak and Park Royal Development Corporation major regeneration area.
It will feature a new 60,000 sq. ft. Asda Superstore and up to 1,500 new homes. A large number of the apartments will utilise a landscaped podium above the Asda store.
The retailer noted that sustainability will be at the heart of the new site, with the scheme providing biodiversity and ecology net gains. The use of public transport will be encouraged at the proposed car free residential development, while the Asda car park will benefit from new EV parking spaces.
The mixed-use redevelopment of an established store site is a first for Asda and represents one of the largest land deals of the last couple of years.
The plans would also enable complementary businesses associated with a new town centre to open, including retail units, restaurants, and health and wellness facilities.
Ian Lawrence, Head of Mixed-Use Developments at Asda, commented: “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.”
