I have emailed James Wiggam today to get an update on the planning application. The drilling I mentioned in my previous post has now expanded to other parts of the site so it looks like things may be progressing.
Although it's not quite as large as the proposed redevelopment of the Old Kent Road site, the similar Tesco development on the corner of West Cromwell Road, W8 has proved to be hugely successful scheme in partnership with the Notting Hill Housing Trust, showing that such schemes can and do work for the local area.
There is no doubting that Tesco is an extremely shrewd property developer. Here's a link to the architects website for the Cromwell Road scheme http://www.biscoestanton.co.uk/BROCHURE.PDF, which shows the development in limited detail.