Tesco has announced plans to develop 4,000 new homes on surplus land bought to build new stores.

Supermarket giant Tesco will develop 4,000 new homes on surplus land.

The chain decided to reduce its store building programme last year. The land that had previously been earmarked for new stores will now be developed into housing, sold or leased.

Whilst most of the sites are predominately located in the South East, Tesco said others will be released around the rest of the country.

There are reported to be at least 310 sites owned by the supermarket chain that have not yet been developed into new stores.

A Tesco spokesman said: “We are currently working on plans for over 4,000 homes across the UK, either by building them ourselves or selling our sites to housing developers.

“In places where we have already delivered housing schemes, for example in Faversham or Highams Park, the feedback from local communities and Councils has been very positive.

“We are pleased to be bringing new investment to communities up and down the country and playing our part in meeting local housing needs over the coming years.”

The value of the scheme, based on a £250,000 per home valuation, could be worth £1bn.


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