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John Lewis Partnership Withdraws from UK Build-to-Rent Housing Project
John Lewis Partnership abandons plans for 10,000 rental homes due to higher costs and market caution, focusing investment on retail brands and managing existing contracts responsibly.
- On Wednesday, the John Lewis Partnership announced it will withdraw from its Build-to-Rent property business and abandon plans to build around 10,000 rental properties.
- Amid higher borrowing and building costs, JLP said `a fundamental shift in economic conditions that underpinned the venture when it launched` undermined the original case for housebuilding.
- The group had advanced planning for three schemes, including sites in Bromley, West Ealing and Reading, progressing applications for around 1,000 homes and managing four buildings owned by fund manager Aberdeen.
- Refocusing on retail, JLP will fulfil management contracts at four BTR sites during a responsible transition and will close property management when those contracts end, with a small team expected to be offered redeployment.
- Five years after the October 2020 launch, the partnership is retrenching to its core retail operations under Jason Tarry, amid housing development having `collapsed` in London.
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John Lewis to abandon plans to build 1,000 homes and refocuses on department stores and Waitrose
John Lewis Partnership has scrapped its loss-making housebuilding venture, ending a diversification strategy launched in 2020 under former chair Sharon White.The employee-owned retailer confirmed it will withdraw from residential property development and abandon plans to build around 1,000 homes across three sites.A spokesman said the decision followed "a fundamental shift in the economic conditions that underpinned the venture when it launched"…
·London, United Kingdom
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The Herald Scotland+4 Reposted by 4 other sources
John Lewis pulls plug on affordable homes venture after costs soar
In 2020, the John Lewis Partnership first announced efforts to expand into build-to-rent properties.
·Scotland, United Kingdom
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Coverage Details
Total News Sources29
Leaning Left4Leaning Right2Center5Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 36%
C 46%
R 18%
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