John Lewis has unveiled details of the first site to be developed as part a proposed £500 million rental homes joint venture with Abrdn, and pledged to develop 10,000 homes in the next 10 years.
In December John Lewis announced it was joining forces with global investment company Abrdn to develop 1,000 homes across three locations, the Waitrose shop sites in Bromley and West Ealing as well as a vacant John Lewis warehouse in Mill Lane, Reading.
Today's announcement confirms the retail giant intends to go much further with its residential aspirations as part of plans to bring in 40% of all profit from outside retail by 2030.
The latest plans for Bromley are for around 350 homes alongside improvements to the existing Waitrose shop it owns on the site.
John Lewis said the London Borough of Bromley has a target to deliver around 650 homes, although the Draft London Plan set out by the Mayor of London has a housing target for Bromley of 1,423 a year.
The proposals for the housing, which will be developed, owned and managed by the Partnership, have placed an emphasis on addressing specific local needs and incorporating design principles that focus on nature, wellness, sustainability and community, the retailer said.
There is a public piazza and the revamped Waitrose shop will include a cafe. There will be new cycle routes and pedestrian links through the site, as well as new green spaces to increase its biodiversity. Other features include lounges, and spaces to work and exercise.
The partnership explained the homes would be built for different-sized households and designed to high standards. Residents would have options for short and long-term tenure and the homes would be furnished by – no surprises here – John Lewis.
The site is next to Bromley South Rail Station in the town centre and at the intersection of major roads.
John Lewis said its target is to develop 10,000 homes in the next ten 10 with 5,000 of these coming from schemes on the Partnership's own property portfolio.
Speaking at JLL's annual predictions meeting in Leicester Square in London yesterday (18 January), Neil Slater, global head of real assets at Abrdn, said the John Lewis residential platform could move into a range of areas.
"The exciting thing is what would people want from John Lewis most? They want the trust factor, they want it to be nice to to be in – not super luxury but a great environment – and they want a social benefit. And this is the basis for a long-term residential platform really. Perhaps extending for instance into the healthcare housing space given the demographics and the John Lewis brand."