Insurance News Archive

Asda engaging in commercial property development

Supermarket chain Asda is aiming to make the most of the land around its stores across the country by using the space to build commercial developments.

According to the property magazine Estates Gazette, the firm has a planned project already in the works to create a 100,000 sq ft headquarters for Barclays bank in Poole, Dorset.

The development will make use of land already owned by the Wal-Mart subsidiary and Barclays will lease the property back from Asda after its completion.

"We are considering a range of opportunities for building out our estate but cannot comment further at present," a spokesman for Asda told the Daily Telegraph.

The total stockpile of property estimated to come under the ownership of the chain of stores is reportedly more than 1 million sq ft.

Asda's move into property development follows criticism of supermarket rival Tesco last month from the Competitions Commission over perceived anti-competitive behaviour through stockpiling property to be used in future developments.

30 Jul 2007