John Lewis planning a move into the PRS

John Lewis planning a move into the PRS

10:18 AM, 5th July 2021, About 4 weeks ago 3

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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.



Comments

by DSR

10:43 AM, 5th July 2021, About 4 weeks ago

I'll eat my hat if JL takes on UC claimants !

I nearly wet myself at the part... ' 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'.

by Luke P

12:49 PM, 5th July 2021, About 4 weeks ago

Reply to the comment left by DSR at 05/07/2021 - 10:43
And once the initial shine and great big adverts for their shop has long since past, they’ll sell it on before the inevitable ‘getting tough’ action is necessary.

by DSR

15:46 PM, 5th July 2021, About 4 weeks ago

No doubt there is a 'mate' in the government that knows Jenrick who happens to be in some way shape or form 'connected' to JL and has brokered this 'deal'.
All done via non declared gvt email account that used an immediate deletion app.
Of course JL will then set up a completely separate (taxable/liable) company that will either be declared a social housing provider/charity/non profit and ergo bypass all the policy/procedures/legislation/fines/standards LL's in the PRS have.
Even they after declaring it an amazing success story (share price up) it will be sold off....
Another example of 'look at us doing good' while making no impact whatsoever....


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