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The John Lewis Partnership has struck a £500m take care of the funding agency Abrdn to construct 1,000 residential rental houses, redeveloping three websites already owned by its Waitrose and eponymous retail retailer chains.
The group intends to redevelop Waitrose retailers in Bromley and West Ealing, and a vacant John Lewis warehouse in Studying, as the primary a part of a plan to construct a complete of 10,000 new houses over the following decade.
The areas for the brand new houses, which will likely be furnished with merchandise from John Lewis, have been chosen due to their shut proximity to move hyperlinks and central location.
The John Lewis Partnership, which reported a first-half lack of £99m and warned {that a} robust run-up to Christmas might put its annual workers bonus in danger this 12 months, mentioned the transfer into the rental market would offer “a steady earnings for the partnership”.
Nina Bhatia, the manager director for technique and industrial growth at John Lewis, mentioned: “Our partnership with Abrdn is a significant milestone in our ambition to create much-needed high quality residential housing in our communities. Our residents can count on houses furnished by John Lewis with first-rate service and amenities. The transfer underlines our dedication to construct on the power of our manufacturers to diversify past retail into areas the place belief actually issues.”
The John Lewis Partnership mentioned that £500m represented the deliberate growth worth of the properties however wouldn’t give a breakdown of the extent of funding being dedicated by every associate.
The websites will comprise one- to three-bedroom flats.
The primary planning purposes for the joint-venture are anticipated to be submitted subsequent 12 months, when a public session course of on the location in Studying is anticipated to start.
If planning permission is granted after the primary submission for consent, constructing work at West Ealing and Bromley will begin in 2024, with residents in a position to transfer in from 2027.
There is no such thing as a timeline in place for Studying as a result of first proposals for the event of the location are usually not because of be accomplished till subsequent 12 months.
“We’re persevering with to evaluate different websites which can permit us to deliver ahead houses sooner,” a spokesperson for John Lewis mentioned.
John Lewis mentioned the build-to-rent residential property market within the UK is forecast to double in dimension, with 30,000 new houses accomplished yearly by 2026, in response to analysis by the property agency Savills.
There’s estimated to be a shortfall of 75,000 rental properties in London alone.
The announcement of the primary developments, that are topic to planning permission, come as renters face enormous will increase in prices, with non-public landlords quickly elevating rents amid the price of dwelling disaster.
The John Lewis Partnership mentioned the long-term joint-venture would additionally embody commitments to inexpensive housing and sustainability targets tied to its pledge to grow to be a web zero enterprise by 2035.
Neil Slater, the top of actual belongings at Abrdn, mentioned: “The crucial lack of high quality rental lodging within the UK must be addressed, so we’re delighted to associate with the John Lewis Partnership to supply the required institutional funding.”
The variety of houses on every website continues to be being decided. Nonetheless, the West Ealing website homes certainly one of Waitrose’s larger-scale supermarkets, with a gross sales space of 32,000 sq ft, whereas Bromley has a grocery store of 25,000 sq ft, in contrast with the typical store dimension of 21,000 sq ft.
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