The John Lewis Partnership has embarked on a significant £500m joint venture with Abrdn to build 10,000 homes.
- This partnership entails the redevelopment of properties over Waitrose stores in Bromley and West Ealing.
- A vacant John Lewis warehouse in Reading will be replaced as part of this housing project.
- John Lewis aims to diversify its revenue, targeting 40% from non-retail activities by 2030.
- The initiative marks a major step in John Lewis’s commitment to creating quality residential housing.
The John Lewis Partnership has announced a groundbreaking £500 million joint venture with investment firm Abrdn, focused on developing approximately 10,000 new homes in prominent areas such as London and Reading. The ambition of this venture is to realize 10% of John Lewis’s goal of establishing 10,000 homes over the next decade, a significant milestone that demonstrates their strategic expansion beyond traditional retail operations.
As part of this expansive housing project, existing buildings above Waitrose stores located in Bromley and West Ealing will undergo redevelopment. Additionally, a currently vacant John Lewis warehouse situated on Mill Lane in Reading is slated to be replaced with residential spaces. This reflects John Lewis’s strategic approach to utilizing underused properties to meet housing demands.
Nina Bhatia, John Lewis Partnership’s Executive Director for Strategy and Commercial Development, emphasized the importance of this collaboration, describing it as “a major milestone in our ambition to create much-needed quality residential housing in our communities.” She highlighted that future residents could expect homes furnished by John Lewis, promising high-standard service and amenities. This move underscores John Lewis’s dedication to leveraging its brand strength to diversify into trusted housing solutions.
Moreover, the initiative aligns with John Lewis’s strategic objective to source 40% of its profits from non-retail activities by 2030. This direction was articulated in June 2022, illustrating a forward-thinking approach to business diversification and resilience against retail market fluctuations. The partnership aims to cater to varying household sizes and offers both short-term and long-term rental options, further broadening its market reach and consumer base.
This venture represents a strategic shift for John Lewis towards substantial contributions in the residential market, reinforcing its commitment to community-centric development.
