John Lewis to build 10,000 rental homes
Retailer John Lewis will build 10,000 rental homes over the next few years, in a move into the residential property market.
Tenants will have a choice of renting fully furnished with John Lewis products or using their own, according to reports.
The move will give the business a long-term, stable income, and provide new job opportunities.
Some 7,000 of the initial 10,000 homes will be on sites in its existing property portfolio, and range from studio flats to houses.
Some could be built entirely on new sites.
The first homes are planned for the South East of England, but could later roll out across the country.
All housing developments will come with a concierge service and feature a Waitrose convenience store near the entrance.
Nina Bhatia, executive director of strategy and commercial development for the John Lewis Partnership, said: “As a business driven by social purpose, we have big ambitions for moving into property rental.”
She said the move “plays to our strength as a trusted brand known for strong service”.