Asda puts car parks on sale in cost-cutting drive
Asda is putting a number of its car parks on the market in an effort to reduce some of its debt.
The supermarket retailer is looking to offload almost 10 acres of car parking space and nearby fields at five of its stores, The Telegraph has reported.
A potential property deal could raise around £5m for the retailer, according to property sources.
Newsteer – which is advising Asda – has informed potential developers that the retailer has identified surplus space at its stores in Slough, Reading, Burgh Heath near Epsom, Tilbury in Essex, and Cardiff.
Newsteer said that developers could either bid to take all five sites on 125-year leases or purchase individual locations for other uses.
A spokesman for Asda told The Telegraph: “It’s common practice for national retailers with large property portfolios like Asda, Tesco and Sainsbury’s to explore how best to make use of surplus land in their property estate.
“Prospective parties interested in these sites are advised to contact Newsteer.”
This decisions comes a few months after Asda’s former boss Allan Leighton returned to the company as chair in a bid to turnaround its fortunes.
The retailer was the only major supermarket to see its sales fall over the Christmas period, with Kantar reporting a decline of 5.8% over the ‘golden quarter’.