John Lewis Secures Approval for Construction of Multiple Homes in West Ealing
The John Lewis Partnership (JLP) has secured approval from Ealing Council to redevelop its West Ealing Waitrose store following a successful appeal, marking a significant step forward in the retail giant's long-term strategy to diversify income through build-to-rent developments.
Originally lodged near two years ago, this multi-million-pound project aims to generate 428 build-to-rent homes, including 83 affordable units, an updated Waitrose store, and renovated car park facilities. Katherine Russell, director of Build-to-Rent at JLP, has expressed satisfaction with the decision, stating that it supports both a community that JLP has long been a part of and smart, brownfield development strategy.
Indeed, the scheme aligns with the UK government's objective to tap brownfield sites for its ambitious plan to construct 1.5 million houses by 2029. This ambition also extends to the construction of homes near commuter train stations, recently emphasized by the Chancellor as a means of stimulating economic growth.
Currently, JLP has expansion plans in place, involving the transformation of an abandoned warehouse in Reading into a £80m residential complex with over 200 units, as well as 350 homes in Bromley. All these projects adhere to the build-to-rent model, which is experiencing considerable growth in the UK despite representing only 2.3% of the total rental market.
Speaking on the sector's future potential, Svitlana Gubriy, head of indirect real assets at Aberdeen, expressed enthusiasm, "The build-to-rent sector is undergoing a transformative shift... [as] the focus is increasingly shifting on fostering community engagement and addressing local needs."
Although some challenges might emerge—particularly in addressing the chronic underinvestment required to meet future demand—there remains strong support from major players like Grainger and the British Property Federation, advocating for public-private partnerships and dedicated build-to-rent policies.
With the recent West Ealing project's approval, momentum continues to build for JLP's build-to-rent strategy, underscoring the company's commitment to not only financially successful developments but also those catering to the needs of future generations.
- The John Lewis Partnership's (JLP) West Ealing project, approved by Ealing Council, includes commercial development like an updated Waitrose store and housing-market initiatives with 428 build-to-rent homes.
- JLP's expansion plans include property investments such as the transformation of an abandoned warehouse in Reading into a residential complex, and 350 homes in Bromley, both following the build-to-rent model.
- The build-to-rent sector, experiencing growth in the UK, has attracted attention from financiers like Svitlana Gubriy, head of indirect real assets at Aberdeen, who sees a transformative shift in the sector focused on community engagement and addressing local needs.
