House-builder Berkeley has agreed to pay Morrisons £85m in stages over the years of the project for the 40,000 sq ft supermarket and surrounding eight-acre site on Chalk Farm Road in north London.
Berkeley has also agreed to spend £35m on building a new Morrisons supermarket and convenience store on the site, making the whole transaction worth £120m to Morrisons.
The deal was reached after an extensive tender process. The site comes with planning permission for about 450 homes and 100,000 sq ft of offices.
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