In 2022 John Lewis made the headlines for their plans to become a housing developer and private landlord. They were proposing developments for Bromley and Ealing that would create new blocks of homes. Asda seems to be taking inspiration from this and is now planning a project for Park Royal. We want to have a closer look at it today to see the impact it could have. Then, if you want to arrange guaranteed rent in Ealing, you can rely on us.

The proposal

Asda’s plan is for a massive development. They currently have a Superstore on Western Road in Park Royal, not far from Central Middlesex Hospital. However, their plan is to redevelop the site in partnership with Barratt. This will create a new flagship store with 60,000 sq/ft of space and around 400 parking spaces. There will also be new additional retail space, health and wellness facilities, and an improvement to the public realm.

The headline grabber here though is the development will deliver 1,500 homes in high rise tower blocks. The goal is for 500 of them to be affordable. This plan is the first move from Asda into the mixed use realm. They have chosen to do it to diversity their income. That is the same reasoning that John Lewis gave when revealing their plans.

The MD of Barratt West London, Craig Carson, has high hopes for the project. He said it will have a “huge impact on the area”. More importantly, it shows that there is “still land to be unlocked in the capital”.

What could happen?

As a top provider of guaranteed rent in Ealing, we can support clients with different types of assets. High rise blocks can be a really great way to maximise the amount of housing on a plot. However, plans can face a backlash and trouble getting permission.

We can get an idea of what could happen next by considering what happened to John Lewis. Their proposals for Bromley and West Ealing got lots of bad responses. In fact, during a consultation for the latter development, 90% of residents had negative feedback. They were critical of things like the amount of affordable housing and the impact on the area. A major criticism was the height, with the tallest block reaching 20 storeys and exceeding guidance from the council.

So, John Lewis has had a really tough time getting planning permission for their projects. They only managed to get approval for the project in Bromley last week. This will allow them to build a 24 storey block above the existing Waitrose, creating 353 homes. But, there is criticism of the amount of affordable housing. The original plan was for 35%, but this number has fallen to below 10% because profitability issues.

Asda could face a similar challenge to get permission for their Park Royal project. It may take years to progress through the planning phase.

Do you want to arrange guaranteed rent in Ealing?

Whatever kind of residential assets you have, you should consider rent guarantees. They can completely eliminate the worry about voids, tenants not paying their rent, and other problems. With them, you get unbeatable financial protection. It is much easier than being a private landlord.

If you want to learn more, you can speak to us. We are a leading provider in London, offering guaranteed rent in Ealing and many other areas. In fact, we work with numerous local councils to deliver the best services.