Morrisons plans to break into property by building 700 homes

SUPERMARKET Morrisons has launched its debut in the housing market, teaming up with Barratt Homes as part of a store redevelopment.

Morrisons is planning on developing 700 homes in Camden in London, where it completed a consultation last week with local residents.

Plans included apartments, houses, public spaces and shops and offices off Chalk Farm Road.

It will seek planning permission next year following further consultations, which would also involve digging out a man-made hill so the Camden Morrisons store will face a main road.

The grocer is joining rival supermarkets Tesco and Sainsbury’s in the residential market as it looks to grow its portfolio and realise the value in its assets. It is more limited with its London stores as most are leasehold.

With supermarket sites in prime locations requiring less space, struggling Big Four supermarket chains are capitalising on the need for more housing. Sainsbury’s also teamed up with Barratt to redevelop its Nine Elms store near Vauxhall in London.

The Guardian said the supermarket made £95m in property profits from this store alone, although it took ten years to develop.