12 Jul 2021
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.
Thanks for reading!
Keep up with the latest from Landlord Licensing & Defence…
Subscribe to our YouTube Channel to find all our videos on Regulations, RRO, HMOs and much more! → https://www.youtube.com/channel/UCr1wNum9AR7kgFL9Kf0LT-Q
Join our private Facebook Group where you’ll find a support network of other landlords and experts as well as case studies and how to avoid council fines. → https://www.facebook.com/groups/1774212136183898
Follow us on Social Media for the latest in Property and Licensing…