subject: Tescos mini Villages Concern Critics [print this page] As house developers struggled with rising house prices and raising capital, Tescos were planning to build hundreds of homes centred around Tescos stores.
Britains biggest supermarket has drawn up plans to build a number of these mini-villages in the South East. As well as a series of smaller mixed homes, shops and leisure developments in Ipswich and the North East.
Tescos foray into property development has been met with much scepticism from critics who are concerned that Tescos tightening grip on the economy will develop into a monopoly.
The plans raise the possibility of a Tesco customer buying or renting a home through its estate agent services, securing mortgages through its banking arm and kitting the property out with Tescos products bought on its credit card.
Worries that the retailer would have access to more personal information than the Government were dismissed by a Tescos spokesman who also denied that the developments would be "mini-villages". Tescos have said they plan to create 1,000 new jobs in areas that many other developers cannot and will not invest in.
Tescos are in advanced talks with Dartford Borough Council, where they hope to build 1,000 homes, the biggest housing scheme. They await approval for 400 homes, a primary school, hotel and park next to the Olympic's Park in Bromley-by-Bow, east London.
Work has already begun on a library and civic centre in Woolwich and Lambeth Council is working with the retailer to deliver the Streatham Hub, which includes a full-size ice rink and a new transport hub, alongside 200 new homes.
Its not the first time Tescos have dabbled in the housing market, a smaller scheme of 73 apartments was built by them in Orpington, Kent last year. Proposals suggest that the homes will be high-quality but not necessarily luxury, and in keeping with the properties in the local market.
But what consumers really want to know is will they get double Clubcard points if they buy a Tesco home?
