John Lewis unveils plans to build 10,000 new rental properties above shops

John Lewis has three sites in Reading, Berkshire, Bromley, Kent and Ealing in west London in an ambitious plan to create 10,000 rental properties over the next 10 years

John Lewis
John Lewis wants to create 10,000 rental properties in the next 10 years (stock photo)

Department store John Lewis has revealed plans to become landlords and build rental apartments above the store.

It has three sites in Reading, Berkshire, Bromley, Kent and Ealing in west London in an ambitious plan to create 10,000 rental properties over the next 10 years.

The chain, which has just abandoned its “never knowingly undersold” slogan, said the Bromley and Ealing pads would be built over the Waitrose stores, while an empty John Lewis warehouse in Reading would be converted into flats.

All locations would have rental apartments for families of different sizes with short and long contracts and the option of having the department store furnish the rooms.

Desres facilities include rooftop gardens, gyms and shared public areas.

Locals are being consulted on the new homes, which aim to “raise the standards in rental properties”, with detailed plans available for viewing later this year.

The project is also part of its quest to generate 40% of profits outside of the retail market by 2030.







The chain has revealed plans to become a landlord
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Nina Bhatia, Executive Director for Strategy and Commercial Development at John Lewis Partnership said: “Everything that 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 a developer and operator, as well as an established local business and employer, signals our ambition to bring long-term value to each of these communities.

“Helping create housing has always been at the heart of what we do, and we now have a unique opportunity to apply our expertise and skills in new ways to create much-needed new homes.”

The announcement comes as a study by NatWest found that 57% of renters believe they won’t have saved enough money to join the real estate ladder by the time they hit their 40s.

Worryingly, 26% of Generation Renters believe they won’t be able to buy their own home until they are in their fifties, and 13% expect they are approaching retirement age and will still rent.

The survey of 2,000 adults found that two-thirds of renters have reduced spending on vacations and buying clothes and accessories to save on a security deposit.

More than half said they wanted their own home because it made more financial sense to pay off a mortgage than hand over rent money

And a third wanted more space without the stress of sharing the apartment with difficult or messy roommates.

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https://www.mirror.co.uk/money/john-lewis-unveils-plans-build-27181860 John Lewis unveils plans to build 10,000 new rental properties above shops

Fry Electronics Team

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