John Lewis takes the Waitrose effect to the next level

John Lewis, the retailer famous for attempting to make everyone cry at Christmas and beloved by ex-PM, Teresa May, is considering plans to take the Waitrose effect to the next level by building 10,000 homes over the next ten years and become a landlord.

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Property Reporter
5th July 2021
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According to reports, the properties will be built on land currently used as car parks and above Waitrose supermarkets and will range from studio flats to four-bedroom homes.

Tenants of the new homes will have the chance to recreate their own 'John Lewis nightmare' by renting the property fully furnished with products and furnishings from the department store, or they can use their own.

Some developments are expected to include a concierge service as well as a Waitrose convenience store as part of the plans. In addition, it is also rumoured that company employees could be offered reduced rent.

The first John Lewis homes are planned for the south-east, however, the partnership believes due to the struggles facing many first-time buyers and the ongoing national shortage of affordable housing stock, there could be opportunities to expand further.

Speaking to the Sunday Times, John Lewis’ property director, Chris Harris, said: “Typically a developer might try and maximise returns and then move onto the next one. We are not trying to do that. We are aiming to charge a fair rent and to stay for the long haul.”

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