17/12/13Retail giant Tesco set to build 4,000 new homes in the UK
Retail giant Tesco set to build 4,000 new homes in the UK
There has been much public and political demand for new housing in the UK – and the British multinational retail company Tesco looks likely to satisfy at least some of this demand, as it has recently announced its biggest ever housebuilding project for the UK. The company is set to embark on a £1bn construction programme through which 4,000 new homes will be built using vast undeveloped land owned by the company. The off site manufacturing company STREIF could assist with this project through continuing its long and proud tradition of providing many great value self build homes in the UK.
New homes both down south and up north
The many sites which Tesco own and homes are to be constructed on include the Hertfordshire town of Welwyn Garden City. It is here that the company has a head office and intends to construct over 700 homes on a site where it had previously intended a Tesco store to be built. According to the trade journal Property Week, most of the sites on which Tesco will build homes will be in south-east England, which seems understandable given the particularly persistent demand for housing in and around London. However, Property Week has added that other sites will be further north, including in Liverpool and west England.
The strategy is called “a sensible move”
A spokesperson for the globally popular retail giant said that it had opted to reduce the amount of new store space that it constructs annually due to changes in shopping habits of customers. The spokesperson expressed their company’s pride “to be bringing new investment to communities up and down the country and playing [its] part in meeting local housing needs over the coming years”. Clive Black, an analyst at Shore Capital, branded the Tesco strategy “a silver lining on a very dark cloud”, adding: “Tesco is at least trying to maximise value after a high-profile profits writedown but it’s not clear how much it will be able to claw back.” Nonetheless, he called the plan “a sensible move”. We would agree, especially if Tesco draws upon services of the off site construction firm STREIF to assist them in building many new self build houses.