Troubled UK shopping centre REIT Intu has revealed it is planning to build a residential development with around 1,000 new homes next to its Essex shopping centre.
Financial details were not revealed.
Located at the south end of Intu Lakeside, the development will include a mix of single person and family homes, with a 30 minute connection to Central London, the shopping centre specialist said.
'Our long-term vision is to create a vibrant new community right on the doorstep of one of the UK’s best retail and leisure destinations,' said Martin Breeden, development director at Intu.
Early designs for the development also include public and private open spaces, plus 'dedicated lifestyle facilities and lakeside views', Intu said.
'This new community will be the next phase of major development of our flagship locations and is something we announced in our annual results earlier this year,' Breeden added.
Plans will be on display at an initial public consultation, which will take place at Intu Lakeside on July 12, the firm said.
Development proposals and full public consultation will then follow in the coming months.
In May, Intu warned it is expecting a significant drop in rental income due to the knock-on effect of brands failing in the high street in a increasingly difficult time for UK retail.
Intu's residential development plans are understood be a key part of a diversification strategy by new CEO Matthew Roberts, who took the helm of the firm in April.