Asda is teaming up with FTSE 100-listed housebuilder Barratt Developments (LSE:BDEV) to construct a major new mixed-use redevelopment project in Park Royal, London.
The development will create a new town centre with 1,500 homes, an Asda supermarket, various retail spaces, and residential units, Asda said in a statement.
A third of the homes will be classified as affordable and some apartments will utilise a landscaped podium above the new Asda store.
“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,” said Ian Lawrence, dead of mixed-use developments at Asda.
“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.”
It marks Asda’s first foray into housing developments and follows a similar joint venture launched by John Lewis Partnership and Abrdn plc in 2022.
Located partially in Ealing and partly in Brent, Park Royal belies its name as home to some of London’s largest industrial parks. It is located next to HS2 hub Old Oak Common.