Tesco has today announced the sale of 14 development sites including land in Lewisham, Woolwich and Dartford as the company continues to cut costs.

The mixed-use and residential development sites have been sold to London based property investment firm Meyer Bergman for a total profit of £250m.

Tesco chief executive Dave Lewis said: "We are very pleased to have agreed a deal with Meyer Bergman that will bring forward significant investment for these local communities, including opportunities for residential development.

"We will be working with Meyer Bergman and local councils in the coming weeks to complete a formal handover and look forward to the delivery of investment on these sites."

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The three sites are located adjacent to the existing superstore in Lewisham Road, in Grand Depot Road within the Phase Three and Four development and in Lowfield Street, Dartford.

Tesco and Meyer Bergman have reached completion on eleven sites, with the remaining sites due to complete in due course.

The sites were once earmarked for projects - such as new stores - which have since been abandoned.

Dartford Council leader Jeremy Kite has expressed his relief that the site will be relinquished from Tesco's grip, describing it as a "fresh start" for the new owners.

He said: "Few will be sorry to see an end to Tesco’s involvement with Lowfield Street.

"The financial and trading difficulties recently encountered by the company do little to comfort our town, which has seen Lowfield Street become a site of dereliction and wasted regenerative opportunity for more than a decade."

News Shopper: Dartford Council Leader Jeremy Kite

Mr Kite said the council had been aware of the potential sale and met with Tesco representatives last month.

He added: "The important thing now, is to ensure that Meyer Bergman bring forward plans that meet our town’s aspirations, respect the quality parkland environment it borders and make a positive contribution to the growth and resurgence of our town centre."