The John Lewis Partnership has taken a significant step forward in its housing ambitions by entering a £500m joint venture with investment firm Abrdn.
- This collaboration aims to construct approximately 10,000 new homes in London and Reading over the next decade.
- The initial projects will involve redeveloping sites over Waitrose shops in Bromley and West Ealing, and a vacant warehouse in Reading.
- Nina Bhatia, the executive director, described the venture as crucial for delivering quality residential housing.
- The plan underscores John Lewis’ strategy to diversify beyond retail into trusted community services.
The John Lewis Partnership has joined forces with Abrdn in a £500m project to address housing needs in London and Reading. This agreement is part of John Lewis’ strategic plan to build 10,000 homes in the coming decade, marking a move to diversify its business interests beyond traditional retail.
The first phase of development will focus on transforming existing structures, including sites above Waitrose shops situated in Bromley and West Ealing in Greater London, as well as a disused John Lewis warehouse located in Mill Lane, Reading. These locations are set to become modern residential spaces available for various household sizes and offering both short and long-term rental options.
Nina Bhatia, the executive director for strategy and commercial development at John Lewis, emphasised the transformational impact of this initiative. She remarked, ‘Our partnership with Abrdn is a major milestone in our ambition to create much-needed quality residential housing in our communities. Our residents can expect homes furnished by John Lewis with first-rate service and facilities.’ Her comments highlight the company’s dedication to leveraging its brand’s strength to foster trust and community engagement.
Furthermore, the partnership sets a target to generate 40% of its profits from non-retail activities by 2030. This ambition aligns with John Lewis’ broader vision of not only creating homes but also expanding its footprint into different sectors that contribute to community development and sustainability.
This ambitious endeavour marks a vital shift in John Lewis’ strategy, showcasing its commitment to integrating trusted living spaces into its portfolio.
