Asda has announced plans for a transformative redevelopment at its Park Royal site in northwest London, in collaboration with Barratt London.
- The redevelopment includes a new 60,000 sq ft Asda superstore and approximately 1,500 residential apartments, a third of which will be affordable.
- Plans propose maintaining the operational status of the existing Asda store during construction, ensuring minimal disruption to customers.
- This venture marks a significant milestone for Asda, featuring one of the UK’s largest land deals in recent years.
- Asda’s initiative aims to revitalise the area, contributing to the broader Old Oak & Park Royal Development Corporation regeneration project.
Supermarket giant Asda has outlined strategic plans to redevelop its 10-acre site in Park Royal, northwest London, through a partnership with the prominent housing developer Barratt London. The envisioned mixed-use infrastructure is poised to enhance both commercial and residential offerings in the area, integrating a substantial new 60,000 sq ft Asda superstore and a significant residential component comprising around 1,500 apartments, with a strong emphasis on affordability, as one-third of these units will cater to affordable housing needs.
The novel redevelopment proposal includes the creation of a new town centre within what is known as the Old Oak & Park Royal Development Corporation regeneration area, offering a vibrant hub for community and commercial activities. This initiative is currently subject to planning approval, with a formal application anticipated to be submitted later this year. Importantly, the proposal ensures that the current Asda superstore remains operational while the redevelopment takes place, thereby maintaining service continuity for its customers.
Ian Lawrence, who heads mixed-use developments at Asda, remarked on the significance of this redevelopment venture, describing it as a “significant milestone” for Asda. He highlighted that through collaboration with an esteemed partner like Barratt London, Asda is set to “maximise the full potential” of its property assets. This development not only aims to provide enhanced services to the Park Royal community with a new flagship store designed for future demands but also seeks to generate valuable housing opportunities, thereby delivering on Asda’s broader business growth and community engagement objectives.
Echoing the strategic importance of this redevelopment, Craig Carson, Managing Director of Barratt West London, underscored the opportunity that remains to utilise land effectively within the capital. He pointed out that the Park Royal redevelopment would bring substantial benefits to the area, such as unlocking commercial potential for local businesses and providing a pivotal community focal point. Furthermore, the delivery of 1,500 new homes, many of which will be affordable, aligns with the overarching regeneration plans for Ealing, addressing crucial housing shortages.
Newsteer Real Estate has been engaged as an advisor for Asda in this substantial project, leveraging their expertise from other similar redevelopment initiatives. Ross Bettridge, a director at Newsteer, articulated the importance of such projects in utilising brownfield sites to meet the pressing housing demands of the capital. He noted that enhancing the retail offering while ensuring financial viability remains a central focus of these redevelopment efforts.
This redevelopment plan, pending approval, promises to transform Park Royal, significantly contributing to both community infrastructure and housing supply.
