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Asda has unveiled plans for a mixed-use redevelopment of its 10-acre Park Royal site in North West London.
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 for the local community, at the heart of the Old Oak and Park Royal Development Corporation major regeneration area.
It will feature a brand-new 60,000 sq. ft flagship Asda Superstore and up to 400 car parking spaces for customers.
In addition, up to c.1500 new homes are planned, c.500 of these will be provided as affordable. A large number of the apartments will utilise a landscaped podium above the new Asda.
The majority of the homes will provide dual aspect accommodation and significant 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 plans would also enable complementary businesses associated with a new town centre to open new retail units, restaurants, health and wellness facilities, and high-quality public realm space.
Plans would allow for Asda’s existing Park Royal Superstore to remain fully open whilst work was carried out on the new store development.
According to Asda, 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.
Newsteer Real Estate, who have worked with other “major” retailers on similar redevelopment deals in the past, are acting as advisors to Asda throughout the process. Work on the planning application for the redevelopment deal is already underway and will be submitted later this year to the relevant bodies.
Ian Lawrence, head of Mixed-Use Developments at Asda, said: “Asda’s venture into Mixed-Use Property redevelopment 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.”
