US EditionJohn Lewis Pulls Out of Housebuilding Business
John Lewis Partnership cites higher costs and market caution for halting plans to build 10,000 UK rental homes, shifting focus to retail investments, officials said.
- On Wednesday, the John Lewis Partnership withdrew from its build-to-rent venture, abandoning plans to build around 10,000 rental properties.
- Citing higher borrowing and building costs, JLP said higher interest rates, inflationary pressures and a cautious property market eroded returns, prompting a strategic review under Jason Tarry, chief executive.
- Project-Level activity includes three planning applications for around 1,000 homes in Bromley, West Ealing and Reading, and fulfilling management contracts at four BTR sites.
- The group said it will focus on retail, with around 800 million into John Lewis and a 1 billion programme at Waitrose, while a small team of workers will be redeployed and the Reading site likely sold.
- Launched in 2020 by former chairwoman Dame Sharon White to diversify profits, the initiative faces broader pressure as JLP said housing development has `collapsed` in London and the group struggled to make money.
15 Articles
15 Articles
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"…
The Herald Scotland
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.
John Lewis blames high costs as it axes affordable homes venture
Retail giant John Lewis is to withdraw from its affordable homes business in a shock U-turn on its diversification plans, after bemoaning high interest rates and a downturn in the London property market. John Lewis Partnership (JLP), which also owns Waitrose, built around 1,000 homes ...
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