John Lewis Partnership has initiated a £500m joint venture with Abrdn, marking a significant move in the housing market.
- This alliance aims to develop around 10,000 residential properties in London and Reading.
- The project includes repurposing sites in Bromley, West Ealing, and Reading.
- John Lewis seeks to diversify its portfolio beyond retail by targeting 40% non-retail profits by 2030.
- The initiative underscores a commitment to quality housing with superior service and facilities.
John Lewis Partnership has embarked on a transformative £500m joint venture with investment firm Abrdn, a move set to deliver approximately 10,000 new homes in strategic locations across London and Reading. This venture marks a strategic shift for John Lewis as it seeks to leverage its reputable brand to enter the residential property market.
The initiative includes ambitious plans to redevelop existing structures, such as those situated above Waitrose stores in Bromley and West Ealing, Greater London. Furthermore, a vacant John Lewis warehouse located on Mill Lane, Reading, will be replaced as part of the expansive development project. These efforts underscore the Partnership’s commitment to urban regeneration and enhancement of local communities through residential diversification.
John Lewis’s executive director for strategy and commercial development, Nina Bhatia, has highlighted the role of this joint venture as pivotal in meeting housing demands. 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.’ This sentiment reflects the firm’s dedication to maintaining high standards and capitalising on consumer trust.
The housing development initiative is part of John Lewis’s broader strategy, announced in June 2022, to achieve 40% of its profits from non-retail activities by the year 2030. By focusing on housing, John Lewis is not only diversifying its income streams but also reinforcing its brand’s strength in sectors where consumer trust is paramount.
The homes, designed to accommodate different household sizes, will be available for both short and long-term leases. These developments cater to a variety of housing needs and are seen as a direct response to the pressing demand for quality housing solutions in urban areas.
This strategic venture aids John Lewis in expanding its market presence while addressing significant housing needs.
