Barratt teams up with Asda for 1,500-home Park Royal project

Asda has partnered with Barratt on plans to redevelop the site of its Park Royal superstore in west London.   The supermarket chain has sold the 10-acre brownfield site to Barratt in a sale-and-leaseback deal, subject to planning consent. The pair will create a new 60,000 sq ft flagship Asda on the site, up to 400 customer car parking spaces, plus 1,500 homes. Around one-third of the new homes will be affordable. The mixed-use redevelopment of an established store site is a first for Asda. The plans would allow for Asda’s existing Park Royal supermarket to remain fully open during development. 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, while 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.”  Craig Carson, managing director of Barratt West London, added: “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.” Newsteer Real Estate advised on the deal.