Tesco is reportedly planning to turn some of its largest urban supermarkets into mini-villages with hundreds of homes as part of a radical strategy to overhaul its estate, which analysts say could raise £1.5bn. According to Tesco’s CFO, Philip Green, the sale of Tesco’s air rights could generate around £400m and the plans have added appeal because they could go some way to solving Britain’s housing crisis. Tesco and other supermarkets are in discussions with property developer Apex Airspace about building homes which will be constructed off-site and lifted into place on top of their buildings.
Tesco is reportedly planning to turn some of its largest urban supermarkets into mini-villages with hundreds of homes as part of a radical strategy to overhaul its estate, which analysts say could raise £1.5bn. According to Tesco’s CFO, Alan Stewart, the sale of Tesco’s air rights could generate around £400m and the plans have added appeal because they could go some way to solving Britain’s housing crisis. Tesco and other supermarkets are in discussions with property developer Apex Airspace about building homes which will be constructed off-site and lifted into place on top of their buildings.