The John Lewis Partnership (JLP) has won approval for the first of its proposed flagship housing development schemes.
Milestone Reached for John Lewis
The company has sought alternative ways to make money and obtain permission to develop housing for years.
Approval for 353 Rental Homes
Approval was granted to transform its Waitrose site in Bromley into 353 rental homes featuring shared areas for fitness and homeworking and a modernised Waitrose outlet store.
£500 Million Investment Deal with Abrdn
The development plans were linked to a £500 million investment deal with Abrdn to build 1,000 residential homes for rent across their three sites.
JLP’s Goals of 40% Profit and 10,000 Homes
JLP aims to deliver 10,000 rental homes in ten years as part of its goal of achieving 40% profit from outside of retail by 2030.
Bromley Council Gave Permission
The Bromley Council approved the 24-storey development, which John Lewis stated would be “energy efficient” and comprised of a mix of one to three bedrooms.
Development Believed to Uplift the Community
The director of build-to-rent at JLP, Katherine Russel, has said that the development will uplift the local area by creating much-needed accommodation and delivering a state-of-the-art Waitrose for the Bromley community.
Only “One-Tenth” Deemed “Affordable”
However, JLP faces backlash because it promised to deliver “affordable homes,” but less than one-tenth would be classed as such.
35% of Homes Were Promised to Be ‘Affordable’
Last year, they publicly announced that 35% of their homes in the Bromley development would be affordable, aligning with the Bromley Council and the London Mayor’s target.
Profitability Issues Cause Broken Promises
The JLP has retracted its initial promise of 35% affordable homes, blaming profitability issues for the breach.
Rental and 80% Market Value
The rental rates for these homes would be set at 80% of market value, and the rest would be rented at market value.
Local Liberal Democrat Councillor Not in Favour of Development
Local Liberal Democrat councillor Julie Ireland has said that the number of affordable homes in the Bromley development is “frankly derisory.”
Added Residents Will Cause Potential Issues
She also mentioned that the scheme’s height and added residents would cause traffic issues and clog the train network.
‘Local Spend’ Expected to Rise Within First Decade
John Lewis said they expected the “local spend” to increase by £70m within the development’s first decade.
More in Favour of the Development
They have received approximately 147 letters favouring the development, which is higher than those opposing it.
Seeking Profits Outside of Retail
John Lewis is a well-known high-end department store in the United Kingdom, with concessions in Ireland. However, it has suffered from shop closures and job cuts, which have led it to seek other investment opportunities.
Three Sites in the Pipeline
JLP has proposed home plans for three sites: Bromley, West Ealing in Greater London and the site of a vacant warehouse in Mill Lane.
Ealing Residents’ Urge for Rejection
The Ealing residents, Stop and Towers, have urged the council to reject the plans; the proposed homes are near West Ealing Crossrail station.
JLP Is Appealing to the Ealing Council
JLP is appealing to the Ealing Council on the grounds of “non-determination” after submitting the plans for 428 homes.
Set to Work on Ealing Site Next Year
JLP aims to start on the site next year and hopes to have it underway and completed by 2029.
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