Department store chain John Lewis has announced plans to move into the residential property market, unveiling plans to build 10,000 new rental homes over the next few years.
The retailer said it wanted to help address the national housing shortage and support local communities, as well as providing it with a stable, long-term income and create news jobs at John Lewis.
The department store giant said that 7,000 of the 10,000 homes would be built on sites in its existing property portfolio, ranging from studios flats to houses. However John Lewis added new homes could also be built on new sites in future.
Future John Lewis tenants will have the opportunity to rent flats fully furnished by the department store chain, or furnish it themselves, and that the homes would be built in John Lewis car parks, above Waitrose supermarkets or next to distribution centres, according to The Sunday Times which first reported the story.
The first homes are due to be built in the south east of England, but John Lewis believe there is scope for the retailer across the UK.
John Lewis executive director of strategy and commercial development said: “As a business driven by social purpose, we have big ambitions for moving into property rental,” adding that the move “plays to our strength as a trusted brand known for strong service”.
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