Asda has launched plans for a “transformational” mixed-use redevelopment of its ten-acre Park Royal store in North West London, marking a first for the supermarket.
The grocery retailer has partnered with property Developer Barratt London for the plans to redevelop its brownfield site, which currently houses 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 also feature a new 60,000 sq ft flagship Asda superstore and up to 400 car parking spaces for shoppers.
Additionally, up to c.1,500 new homes are planned to be built, c.500 of which will be provided as affordable, the retailer said.
The grocer claimed sustainability would be at the heart of the new site, with the scheme providing significant biodiversity and ecology net gains.
The use of public transport will also be encouraged at the proposed car-free residential development, while the supermarket’s car park will feature new EV parking spaces.
The mixed-use redevelopment of an established store represents one of the largest land deals of the last couple of years.
Asda said 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.
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The supermarket’s existing Park Royal superstore would be able to remain fully open under the plans while work is carried out on the new store development.
Asda said work on the planning application for the redevelopment deal was already underway, and would be submitted later in the year to the relevant bodies.
Asda head of mixed-use developments Ian Lawrence 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.”
Last week, Asda’s owners piled on nearly £1.5bn of new liabilities that were not counted in the supermarket’s headline debt figures to finance the buyout of EG Group’s petrol stations business.
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