10:18 AM, 5th July 2021, About 11 months ago 3
John Lewis is planning to expand and develop into the PRS to divest risk from its struggling retail portfolio, saying it wants to address national housing shortages and support local communities with plans for building 10,000 new homes.
7,000 of the proposed 10,000 homes are planned to utilise sites the company already owns such as department stores, car parks, Waitrose grocery stores, or company distribution centres
Tenants will be offered the choice of renting an unfurnished flat or taking on a property fully equipped with John Lewis’ own products. There may also be food delivery options for its tenants, from the closest Waitrose branches and rent discount options for staff
John Lewis’ property director Chris Harris told The Sunday Times: “Typically a developer might try and maximise returns and then move onto the next one. We are not trying to do that. We are aiming to charge a fair rent and to stay for the long haul.”
The first properties are planned to be in the southeast, but will then expand across the country.
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