21st Nov 2016 10:18
LONDON (Alliance News) - Grocer Tesco PLC is planning to turn some of its biggest supermarkets in British cities into mini-villages containing hundreds of homes as it works to raise more money to fund its turnaround plans, The Sunday Telegraph reported.
Tesco is understood to be working with property developers to build hundreds of flats on top of its superstores. The supermarket has already identified 15 sites, most of which are in London, with another in Oxford.
The plans would involve selling the so-called 'air rights' on the building, the right to build over retained land on a long-leasehold basis.
http://www.telegraph.co.uk/business/2016/11/19/tesco-towers-supermarket-enters-the-fray-with-a-radical-new-solu/
By Sam Unsted; [email protected]; @SamUAtAlliance
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