The John Lewis Partnership has embarked on a £500 million multi-decade joint venture with global investment company Abrdn in which it will create around 1,000 new homes for rent.
John Lewis had previously announced that it was planning to use its significant property assets to build residential homes and diversify its business. The joint venture will help it create 10% of the 10,000 new homes it is aiming to build over the next decade.
The deal will include the partnership developing and managing the proposed new sites, as well as commitments to affordable housing and sustainability tied to its 2035 net-zero pledge.
In Bromley and West Ealing, Waitrose shops will be redeveloped to provide new homes and improved stores. In Reading, a vacant John Lewis warehouse will be redeveloped. The partnership said the sites were selected due to their central location and proximity to transport links.
The partnership is currently working with the three local authorities and communities to evolve its plans and expects to submit its first planning applications for Bromley and West Ealing next year. A first public consultation for the site in Reading is expected in 2023.
