Tesco beefs up house building plans

Tesco has revealed plans to expand its existing house building services with the construction of four developments in the South East.

It is reported that the supermarket also has plans to build homes, shops, and leisure developments in Ipswich and the North East.

The company says its plans to build homes near its Tesco stores will create up to 1,000 jobs.

Tesco has already received permission from Lambeth council to build 200 homes, an ice rink and a bus depot in Streatham in South London.

Other developments will be built in Bromley-by-Bow in East London; Dartford in Kent, and Woolwich in south-east London.

Tesco is waiting for approval for the 400 homes, primary school, hotel and park in Bromley-by-Bow.

It plans to develop around 1,000 homes in Dartford and 900 homes in Woolwich, as well as a library and civic centre.

Tesco says this is not a move into house building for the supermarket as it has been building “mixed use development sites” since 1997.

A spokesman for Tesco says: “In certain locations it beneficial for us to build not just a supermarket, but additional developments such as housing to create a sustainable community. These are the kind of developments we want to invest in.”

Tesco is planning to launch mortgage and savings ranges at the end of this year, and is targeting an eventual 10% share of the financial services market.

Its banking arm rebranded from Tesco Personal Finance to Tesco Bank last October following the acquisition of the remaining 50% stake in the business from Royal Bank of Scotland.