// The John Lewis Partnership has announced the first three locations where it proposes to build new rental homes
// The homes will be developed and managed by the John Lewis Partnership
The John Lewis Partnership has revealed plans to build 1,000 rental properties on its land as part of a plan to diversify its business.
The homes would form part of the UK’s growing ‘built-to-rent’ property market as the Partnership seeks to raise standards in rental property, both through its role as a developer and a commitment to manage the buildings themselves.
The employee-owned business, which is spearheaded by its eponymous department stores and Waitrose said a joint venture with global investment company abrdn would achieve a tenth of its ambition to build 10,000 new homes over the next decade.
The three proposed sites include building over Waitrose shops in Bromley and West Ealing in Greater London, as well as replacing a vacant John Lewis warehouse in Mill Lane, Reading.
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The three locations are the first sites to be announced after confirming our target to deliver 10,000 homes in the next ten years – 5,000 of these will come from schemes on the Partnership’s own property portfolio.
“Moving into the rental homes market is part of our long-term plan for 40% of profits to come from outside of retail by 2030,” the group said in a statement.
The group said the homes would be built for different-sized households and designed to its high standards.
Residents would have options for short and long-term tenure and to have the homes furnished by John Lewis.
It added “creating a sense of community through incorporating shared spaces and facilities such as roof gardens and fitness studios and exploring how schemes can play a role in the wider community would be integral to our approach.”
The project, which is subject to planning permission, includes commitments to affordable housing and sustainability tied to its 2035 net-zero pledge, the partnership said.
“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”, the statement added.
The sites were chosen according to their central location and proximity to transport links.
John Lewis Partnership executive director for strategy and commercial development Nina Bhatia said: “Everything people love about our brand – quality, trust and service – we want to bring to the experience of renting a home with us.
“Our role as developer and operator, as well as an already established local business and employer, signals our ambition to bring long-term value to each of these communities.
“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.”
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