John Lewis targets South East suburbia with homes push

JOHN LEWIS is targeting suburban locations and commuter towns in the South East as it pushes ahead with plans to build 10,000 rental homes despite warnings that the property market is cooling.

The John Lewis Partnership, which also owns Waitrose, said it will build accommodation over supermarkets in Bromley and west Ealing in Greater London, as well as replacing a vacant John Lewis warehouse in Mill Lane, Reading.

It is part of the company’s plans to build 10,000 homes on the sites over the next few years, which John Lewis has previously said draw on its “social purpose” values to address Britain’s housing shortage.

Nina Bhatia, executive director for strategy at John Lewis, said: “Helping to create homes has always been at the heart of what we do and we now have a unique opportunity to use our expertise and skills in new ways to deliver much-needed new housing.”

The pandemic has fuelled an exodus of private landlords from the property market as demand for outdoor space and houses in suburban locations during lockdowns propelled a surge in housing prices.

Ministers have said that the Government has a “duty” to the next generation to build more homes.

John Lewis said that residents in Bromley and west Ealing will be invited to a public consultation over the coming months to discuss the move, while those living in Reading will be asked to participate later in the year.

JLP added that detailed designs will not be shown until later in the year to give residents the opportunity to help shape the plans.

The homes are expected to include a concierge service and a dedicated rental service for John Lewis products, while some could feature its Little Waitrose convenience stores as well as fitness studios and roof gardens.

John Lewis’s push into the rental housing market comes as it works to ensure 40pc of its profits are generated outside of retail by 2030.

Malaise on the high street, as well as aggressive pricing from online rivals, has forced Dame Sharon White, who became John Lewis’s first female chairman in February 2020, to take drastic action by shutting stores, axing the staff bonus and cutting around 1,500 jobs.