John Lewis to build their first housing project in London
The John Lewis Partnership has made its first steps into residential housing development as they have received the green light to transform a former Waitrose site into 353 new rental homes.
This plan was approved by the London Borough of Bromley and aims to transform the site, which sits next to Bromley South Rail Station in the town centre and at the intersection of major roads, into a community hub.
Beyond the 353 new rental homes, which will be contained within a new 24-storey tower, the plans also include café and amenity spaces the community and local groups as well as public green spaces, as well as modernising the Waitrose store on site.
This is a first for the John Lewis partnership as it seeks to diversify away from it’s retail business.
However, looking at the actions of Lloyds Banking Group and now the John Lewis partnership, we can see a potential trend emerging of companies expanding and diversifying into the creation of social housing.
The change in government could be a catalyst for this as the Labour Government has pledged to build 1.5 million new homes.
With the constant demand for affordable housing within the UK following years of rising prices and a chronic shortage of new homes the move into this area could prove attractive for a number of other companies as a reliable source of income in the future.
Investment firm abrdn is working with John Lewis in a £500 million joint venture to deliver 1,000 new homes across three local communities, including the Bromley project.
James Dunne, head of operational real estate at investor abrdn, said “Well designed and professionally managed rental homes are a vital component in helping to solve the UK’s housing needs.
“Build-to-rent on brownfield sites such as this can also act as an anchor for town centre regeneration and wider community investment. We look forward to continuing working closely with JLP to move forward with our strategy.”
Greg Williams, head of business development at Compariqo, said “We look forward to seeing what John Lewis Partnership will continue to do following their first steps into residential housing and applaud their desire to help fight the housing crisis in the UK.
“With Compariqo’s commitment to supporting social housing schemes, both large and small housing projects is something we love to see and aim to provide our expert assistance in.”
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