The sale is part of Tesco's broader property portfolio management strategy to enable an enhanced customer experience while also ensuring all sites are delivering maximum value.

Hackney Council have purchased the site, which following redevelopment, will feature a smaller Tesco superstore and provide new homes, offices and shops. It is anticipated this could provide over 1,500 new jobs, 270,000 sq ft of commercial space and 245,000 sq ft for new homes, of which a minimum of 20% would be affordable.

The deal was approved at a council meeting on 23 January 2017, the planning application process for the site is expected to take between 18 months and two years.

Capita plc published this content on 21 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 21 April 2017 16:48:21 UTC.

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