The supermarket Asda is making its debut in the property sector by collaborating on a large-scale property redevelopment scheme next to London’s HS2 station.
In a joint effort with the established developer Barratt, Asda will contribute to the transformation of Park Royal in West London into a vibrant town centre. The plan includes 1,500 new homes, along with shopping areas and living spaces.
Above a brand-new 60,000 square foot Asda store, plans include the construction of tall residential buildings. The development also proposes around 400 parking spots.
About a third of the newly built homes will be designated as ‘affordable housing’.
Ian Lawrence from Asda’s mix-use development section remarked: “This project gives us a chance to enhance service for communities such as Park Royal through a state-of-the-art flagship store. It’s also a way to generate additional housing and extract value from our significant property assets to fund business initiatives and our goal to climb to the second biggest supermarket rank in the UK.”
Planning permission for the development is still pending.
Representing Barratt West London, Craig Carson mentioned: “This deal indicates there’s still untapped potential for land in London and it’s a major land deal for the city since 2019.”
“The renovation of Park Royal will greatly influence the area by creating a new town centre, opening up commercial possibilities for the local community.”
