A major retailer has announced a £500 million build-to-rent property joint venture.
by Rory Butler / December 5, 2022
John Lewis Partnership has agreed a deal with investment firm abrdn to build 1,000 homes across three communities, over several decades.
Waitrose shops in Bromley and West Ealing, in London, will be replaced with new homes and supermarkets. In Reading, a vacant John Lewis warehouse will also be redeveloped.
“The sites were chosen according to their central location and proximity to transport links,” said John Lewis.
All schemes are subject to planning approval.
The venture represents 10% of John Lewis’ wider plan to build 10,000 homes over the next decade, and includes “affordable housing and sustainability tied to our existing 2035 net-zero pledge”.
“We want to create homes that will provide a stable income for the partnership, and moving into housing aligns with our purpose to make a positive difference for our partners, customers and communities,” said John Lewis.
A planning application for Bromley and West Ealing is due next year. A public consultation for Reading is expected in 2023.
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