Tesco planning four ‘mini-villages’ complete with supermarkets
Rebecca O’Connor, Property Correspondent, and David Sanderson
Tesco already provides everything you need to stock a home, from groceries to garden furniture. Now it is going to build the house as well.
The supermarket chain plans to develop four “mini-villages” in the South East along with “mixed-use living and leisure” schemes in Ipswich and northeast England.
The schemes feature scores of homes, all near a Tesco store. The plans raise the prospect of people finding a home in a “mini-village” through the company’s estate agent service, securing a mortgage through its banking arm and fitting it out with Tesco products bought on one of the company’s credit cards.
Tesco’s renewed focus on house building comes amid a market recovery, with prices up about 10 per cent since last April and even more in the South East.
It is also taking advantage of traditional house builders’ failure to raise money from banks. Developers have been forced to build smaller schemes than envisaged to avoid the need for large infrastructure investments.
Related Articles
Brownfield targets ‘slow down house building’
Land Prices are expected to nearly double in value between 2010 and 2012
Where does all this leave the ONS projection of 70 million?
Bovis buying land as prices stablise