Tesco plans to build 4,000 new homes on vacant land it no longer wants for supermarkets

 
Lynsey Barber
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Tesco to build houses (Source: Getty)

Tesco is planning to build 4,000 homes across the UK on land it had previously bought to expand its supermarket locations but will no longer use.

The Telegraph reports the UK’s largest supermarket is working on plans to either build the houses itself or sell off the land to property developers.

Tesco is scaling back its investment in retail locations as consumers move online leaving the company with a large portfolio of undeveloped land.

The plans also follow criticism of the retailer for land banking sites on which 15,000 homes could be built.

The total value of Tesco’s property holdings is valued at around £20bn, however the chain took a large hit on its value, making an £800m writedown last year after deciding 100 locations would no longer be developed.