The firm will now submit a revised planning application for a mixed -use scheme on the 7 acre site known as 399 Edware Road.
The new scheme anchored by Morrisons will feature new Oriental and Far Eastern retail buildings, including a food court, restaurant and specialist Oriental grocers, and up to 250 residential apartments, including affordable housing.
The site was purchased in 2005 by Development Securities which secured planning consent for a mixed-use, retail and residential-led redevelopment of nearly 1 million sq ft. This is not deliverable in the current economic climate and the revised proposals will be scaled down in size from the consented scheme.
Matthew Weiner, Executive Director at Development Securities, said: “The deal with Morrisons is a significant step forward in being able to regenerate this important site on the Edgware Road. Our original scheme, which already permits food retailing, was stalled by the recession.
“What we are proposing now will give the site a new lease of life and, importantly, although smaller, is deliverable with the inclusion of the Morrisons.”
Richard Haynes, development executive at Morrisons said: ”We are happy to be building on the recent success of our Littlehampton scheme and agreeing another deal with Development Securities. We are actively expanding across London and the South East and have a strong appetite to do business.”
Public consultation on the revised plans will take place in the coming months in advance of a planning application to Brent Council later this year. Subject to planning permission being granted by the Council, redevelopment of the site could start in 2013 and be complete by 2014.