Asda unveils plans for mixed-use development in London with up to 1,500 homes

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 regeneration area in North West London. It will feature a new 60,000 sq. ft flagship Asda Superstore and up to 400 car parking spaces. Up to 1,500 homes are also planned including around 500 which are classed as affordable. A large number of the apartments will be built in a landscaped podium above the new Asda, the supermarket chain said.

In a statement, Asda said: “This 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 new retail units, restaurants, health and wellness facilities, and high-quality public realm space.”

Ian Lawrence, Head of Mixed-Use Developments at Asda, 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. 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.”

Work on the planning application is already underway and will be submitted later this year.

Craig Carson, Managing Director of Barratt West London, commented: “We are proud to be partnering with Asda on their first mixed-use development. At Barratt London, we have a strong track record in both rejuvenating brownfield sites and delivering new homes in the Borough of Ealing, so it’s a partnership and site that makes perfect sense for us. 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 and providing a new hub for the local community. The proposed delivery of 1,500 new homes will play a vital part in the Old Oak and Park Royal regeneration plans and will help to unlock much needed new and affordable homes in Ealing.”

Newsteer Real Estate are acting as advisers to Asda. Ross Bettridge, Director at Newsteer, said: “The key to unlocking these sites is about protecting and enhancing the retail offer while balancing the viability.”