Tesco leads supermarket sweep into housing

Sept. 30, 2004
Supermarket giant Tesco is pushing forward into the housing sector and plans to take the lead in developing a number of mixed use schemes in urban areas, including a major scheme in Streatham, London, to provide 250 homes along with retail and leisure facilities. Building on its involvement in a handful of such schemes in London during the late 1990s, Tesco is looking to take advantage of the government's mixed use agenda and its ready access to prime urban sites via its existing Express stores. Tesco corporate affairs manager Katherine Edwards told Housebuilder that the firm has big plans for maximising profits through property. "Ultimately Tesco's future is as a developer, not just a retailer. Overall, the potential for residential development is huge. We could build thousands of units over the next few years and we expect that other enlightened commercial operators will also be looking at the mixed use agenda." Other supermarkets, Asda and J Sainsbury, are already following Tesco's lead and both plan to build around 1,600 homes over the next three years.

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