The Mall Corporation has reached an agreement with Asda and Barratt Homes to develop the Dolphin site, at Romford in east London, with an Asda superstore and 200 new homes. The Mall already owns the adjoining Liberty 2 Shopping Centre.
The developer, the town centre retail fund managed by Capital & Regional, claims the redevelopment of the Dolphin site, originally built as a council-owned leisure centre in the 1970s, will restore the balance of new development in the northern part of the town centre.
In recent years, Romford has seen two major retail schemes - the Brewery and the refurbishment and extension of the Liberty Centre - to the south of the Ring Road.
The Mall Corporation chief executive Ken Ford said: 'This development brings to Liberty 2 a major magnet retailer in Asda. This important application will improve the range of offer to our shoppers.'
The Mall Corporation now operates 11 UK shopping centres valued at£670 million.
Its objective is to expand the portfolio to approximately£2 billion over the next three years.