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 employee-owned business, which is spearheaded by its eponymous department stores and Waitrose supermarkets, said a joint venture with abrdn would achieve a tenth of its ambition to build 10,000 new homes over the next decade.
It would see John Lewis develop and manage the proposed new sites in Bromley and West Ealing in Greater London, which would require Waitrose shops to be redeveloped.
A vacant John Lewis warehouse, at Reading in Berkshire, would also be transformed under the plans.
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.
