Helical Retail has exchanged contracts to purchase a 53,000-m2 site at Reddings Lane in Birmingham from Eaton Electric. The buyer is a joint venture between London-listed property company Helical Bar and Solihull-based Oswin Developments.

Subject to planning permission, Helical Retail intends to develop a 6,700 m2 Asda supermarket and 6,500 m2 retail park.

The Helical Retail site forms part of a 12-hectare regeneration project, which also includes an industrial scheme being developed by Mucklow and a 2-heactare residential development. Helical and Mucklow will be submitting a joint planning application for the whole site over the next two months.

The total cost of the development is expected to be £50 mln (EUR 58 mln), of which Helical Retail's share is £30 mln.