Department store business John Lewis is planning to build as many as 10,000 residential homes on excess land across its retail estate in the UK.
The properties will range from studio flats to four-bedroom houses. Tenants will be given the choice of renting their property either unfurnished or fully furnished with John Lewis’ products. It is understood that some of the properties will include a convenience store from John-Lewis owned Waitrose, and that some will have a concierge service baked into the offer.
The homes will be built on land already owned by the retailer, including above Waitrose supermarkets and next to distribution centres.
With department stores on a slow decline that has lasted for more than a decade, John Lewis will be hoping that by becoming a landlord it can become more profitable by addressing the major housing shortage across the UK.
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