UK retailer Sainsbury’s has partnered with Irish property development firm Ballymore to develop an 18-acre site at Ladbroke Grove in West London.

Located in the Royal Borough of Kensington and Chelsea (RBKC), the scheme is estimated to have a development value of $2.36bn (£1.7bn).

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The masterplan will deliver up to 2,800 homes, create a major mixed-use canal side town centre, and restore an historic canal basin.

It will also create civic spaces, and feature a mix of retail, leisure, cultural, community space alongside small business workspace.

The retailer’s new 130,000ft2 store with increased capacity for home delivery services will also be included in the project.

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Sainsbury’s plans to continue to trade within the existing store until the launch of the new store at the Ladbroke Grove.

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The site forms part of RBKC’s Kensal Canalside Opportunity Area.

Ballymore said that the scheme marks the last major brownfield development opportunity in Kensington & Chelsea.

Ballymore chairman and group CEO Sean Mulryan said: “Partnerships like this one show the type of innovative approach needed to tackle London’s housing shortage. We are pleased to be a step closer to submitting an application and realising our ambitions of a mixed-use scheme that will transform the area.

“We’ve commenced early consultation with local stakeholders and look forward to hearing directly from local people how they envisage the future site can best suit the needs of the local community.”

The new partnership will be split 60:40, with Ballymore holding the majority stake.

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The two firms will bring forward major regeneration at Ladbroke Grove. Credit: Ballymore.