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John Lewis reveals 500 million pound scheme to build 1,000 rental homes

By Rachel Douglass

Dec 2, 2022

Business

Image: John Lewis Partnership

Department store chain John Lewis has unveiled a 500 million pound multi-decade joint venture with investment company Abrdn which will see the duo aim to build 1,000 new rental homes across three communities.

The deal will help John Lewis to reach 10 percent of its ambition to build 10,000 new homes over the next decade, the retailer said in a release.

Its goal comes as part of a 2035 net-zero pledge, which has commitments to affordable housing and sustainability tied into it.

The company added: “We want to create homes that will provide stable income for the Partnership, and moving into housing aligns with our purpose to make a positive difference for our partners, customers and communities.”

Waitrose shops in Bromley and West Ealing, London, will be redeveloped to provide new homes and improved stores, subject to planning permission.

Meanwhile, in Reading, a vacant John Lewis warehouse will also be redeveloped.

Commenting on the initiative, Nina Bhatia, executive director for strategy and commercial development at John Lewis, said: “Our residents can expect homes furnished by John Lewis with first-rate service and facilities.

“The move underlines our commitment to build on the strength of our brands to diversify beyond retail into areas where trust really matters."

The company said it would continue to work with local authorities and communities to evolve the plan.

The first public consultation for the site in Reading is expected in 2023.

John Lewis