John Lewis has revealed the first three locations for new rental home developments in its bid to become a major residential landlord.
The retailer has plans for build-to-rent properties over Waitrose shops in Bromley and West Ealing (main picture), and to replace a vacant John Lewis warehouse in Reading, which it will then manage itself.
John Lewis first declared its intentions to enter the PRS back in October 2020 and says this announcement confirms its target to deliver 10,000 homes in the next ten years – 5,000 of which will come from schemes on the partnership’s own property portfolio.
It’s part of a long-term plan for 40% of profits to come from outside of retail by 2030 after suffering substantial pre-tax losses of £26m in the last financial year.
Car parks
It has identified space in its car parks, above Waitrose supermarkets and near distribution centres for homes ranging from studio flats to four-bedroom houses where residents would have options for short and long-term leases and to have their homes furnished by John Lewis.
It hopes to create a sense of community in the developments by incorporating shared spaces and facilities such as roof gardens and fitness studios, and aims to raise standards in the sector.
Nina Bhatia, executive director for strategy and commercial development, says: “Everything people love about our brand – quality, trust and service – we want to bring to the experience of renting a home with us.
“Helping to create homes has always been at the heart of what we do and we now have a unique opportunity to use our expertise and skills in new ways to deliver much-needed new housing.”
Local people in Bromley and West Ealing will be involved in a public consultation over the next few months before planning applications are submitted next year. A consultation for Mill Lane in Reading, will take place later this year.
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