John Lewis is to enter the London property market after agreeing a £500 million joint venture with investment firm Abrdn.
The multi-decade partnership is set to deliver around 1,000 new rental homes across three local communities, of which two are in London. The move forms part of the partnership’s ambition to build 10,000 new homes over the next decade.
John Lewis plans to redevelop Waitrose shops at Bromley and West Ealing in Greater London to provide new homes and improved stores, subject to planning permission, while in Reading, a vacant John Lewis warehouse will be rebuilt as housing.