Park Royal mixed use a ‘first’ as Asda revisits property holdings

UK supermarket operator Asda is planning to redevelop its ten-acre Park Royal site in North West London to provide a new store, housing and a new town centre, in what it describes as a “transformational” mixed-use redevelopment and “a first” for the group.

In partnership with property developer Barratt London, Asda plans to redevelop the site which is home to its current Park Royal Superstore to provide a brand-new 60,000 sq ft superstore and up to 400 parking spaces. The plans would also create a new town centre in the Old Oak and Park Royal Development Corporation major regeneration area and will include up to 1,500 new homes, of which 500 would be affordable.

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

“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,” said Asda’s head of mixed-use developments Ian Lawrence. “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.”

Lawrence said that the company is also unlocking further opportunities to release value from its property portfolio.