Tesco Looking at Local Housing

Tesco have devised a new business plan to help with the current urban and inner city housing problems and improve the companies finances.

This radical strategy devised by chief executive Dave Lewis, to overhaul its vast store estate, which analysts say could raise £1.5bn.

The scheme involves Tesco’s teaming up with property developers to build flats over their existing out of town superstores and large carparks.

The timing of this plan coencides with the announcement of the government to build a million new homes by 2020.

Tesco are considering various options including seeing airspace about their land on long leaseholds, selling land and excess space around the stores.

Developments in London could deliver 180,000 new homes worth £54bn, according to consultants at HTA Design. Compared with other cities worldwide, London is relatively low-rise. But that could change as land is scarce.

According to an article in the Telegraph this week Tesco has already identified 15 sites, most of which are in London, with another in Oxford.

You can read the full Telegraph article here…….

It will be interesting to see if Tesco or other major supermarket operators look at similar residential property schemes in Leicester or the cities of the East Midlands.

Leicester Property Solicitor Bev Merrell writes for BHW Residential.