Supermarket chain Asda is entering the housing market with a mixed-use redevelopment project near London’s HS2 depot.
The project, in partnership with experienced housebuilder Barratt, will create a new town centre in the Park Royal in West London, with 1,500 homes as well as retail spaces and residential units.
High-rise tower blocks will sit on top of a 60,000 square foot flagship Asda Superstore, while there will be up to 400 car parking spaces.
A third of the homes are being marked as ‘affordable’.
Ian Lawrence, head of mixed-use developments at Asda., said: “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.”
The development has yet to receive planning permission.
Craig Carson, managing director of Barratt West London, said: “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.”