Retail giant John Lewis is preparing to become a large private landlord after unveiling plans to build 10,000 new homes on land it owns throughout the country over the next decade.
The chain confirmed the news over the weekend, stating it aims to address national housing shortages and support local communities.
The new homes will be built over the course of the next 10 years on land currently used as car parks and above Waitrose supermarkets.
Tenants who rent property from John Lewis will have the option of renting an unfurnished apartment or taking on a flat furnished with company products.
The employee-owned retailer has reportedly already found space for 7,000 rental homes and has plans in place to submit planning applications in early 2022.
John Lewis plans to develop its first new homes in the Southeast of England. However, the company will also be looking nationwide for potential sites, particularly given the extent of the nationwide housing crisis as property prices continue to rise, pushing properties out of reach of first-time buyers.
The government’s Stamp Duty Holiday has resulted in house prices climbing at their fastest pace for 17 years, up 13.4% in the past year to an average of £245,432.00, according to the Nationwide Building Society.
It is reported that properties on the John Lewis sites will come in various sizes, from small studios to four-bedroom homes. Some of the housing developments are expected to come with a concierge service, and many are expected to include a Waitrose convenience store as part of the development.
In addition, it has been reported that John Lewis’s 80,000 staff, who are partners in the business, could be offered discounted rents for the properties.
John Lewis’s plans form part of the burgeoning “build to rent” sector, in which developers aim to provide tenants with a greater degree of security and more visibility on any increases to their rent.
This is not the chain’s first foray into the property market. John Lewis also owns most of the Hampshire village of Leckford, where every home with a green door is a partnership property.
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