John Lewis Partnerships is targeting the creation of 10,000 new rental homes over the next decade. The company has confirmed 7,000 homes will be from their own portfolio and will range from studios to four bedroom houses. The new homes could be built on existing sites in their portfolio – such as in department car parks or next to distribution centres – as well as on new sites.
Residents of John Lewis’ homes will have the option of renting it furnished with the department store’s products, or unfurnished. Developments will come with a concierge service and will feature a Waitrose convenience store near the entrance.
The first John Lewis homes are planned for southeast England, but the partnership believes there are opportunities across the country. The high street giant wants the Partnership to have a strong social purpose in the future, and believes it can achieve this by playing their part in addressing the national housing crisis.
“As a business driven by social purpose, we have big ambitions for moving into property rental to address the national housing shortage and support local communities.
“It will also provide a stable, long term income for Partnership, new employment opportunities for our Partners, and plays to our strength as a trusted brand known for strong service.”Nina Bhatia, Executive Director, Strategy and Commercial Development, John Lewis Partnership