Tesco Disposes of Mothballed Sites
Tesco has announced its deal to dispose of a number of its mothballed sites in the South East. Hopefully this will create an opportunity for much needed residential development in the area.
Supermarket giant Tesco is selling off more than a dozen sites that it no longer wants to develop to a property company in a £250m deal.
Some 10,000 homes could be built on the sites in London, the South East and Bath.They are part of nearly 50 projects which Tesco said earlier this year it was abandoning, many of which are now derelict.The decision was part of the supermarket's revival strategy.
Tesco is selling the sites to Meyer Bergman, a property investment firm.
Markus Meijer, its chief executive, said the investment would give new impetus to the abandoned Tesco projects.”
