Tesco is set to sell off more than a dozen sites in a £250 million deal.
Around 10,000 homes could be built on the sites in London, the South East and Bath as a result, it is believed.
The sites are part of nearly 50 projects which Tesco said earlier this year it was abandoning, many of which are now derelict.
Tesco is selling the sites to Meyer Bergman, a property investment firm. The retailer statedin January that it was shelving plans to open 49 large supermarkets, some of which had already been built, as well as closing 43 unprofitable stores.
Dave Lewis, Tesco CEO, said:“Since announcing our decision to build fewer stores we have been working with Meyer Bergman to bring forward investment on our Spenhill sites. We are very pleased to have agreed a deal with Meyer Bergman that will bring forward significant investment for these local communities, including opportunities for residential development.
'We will be working with Meyer Bergman and local councils in the coming weeks to complete a formal handover, and look forward to the delivery of investment on these sites.”
Markus Meijer, CEO at Meyer Bergman, said:”We see this investment as an opportunity to give new impetus to the Spenhill projects, to make Tesco's place-making ambitions for the sites happen and to make an enduring contribution to local communities. '
BBC News reports that the development sites being sold by Tesco include:
- Fulham High Street
- Highams Park (next to existing Tesco store)
- Hounslow (Hounslow bus garage)
- Lewisham (next to existing Tesco store)
- New Barnet (East Barnet Road)
- St Albans (London Road)
- Tolworth (Former MOD site next to Tolworth Broadway and A3)
- Hillingdon Master Brewer Site (Hillingdon Circus)
- Woolwich Phase 3 and 4 (next to existing Extra store)
- Epsom (Upper High Street)
- Kensington (next to existing Cromwell Road store)
No comments yet