It has long been noted that proximity to a Waitrose increases home prices. Owner John Lewis Partnership is taking full advantage by entering the private rental homes market.
Beloved by Theresa May, less so by Carrie Johnson, UK retailer John Lewis Partnership has decided that their next move is to become a private landlord.
The company has announced its intention to build 10,000 homes on land currently used as car parks and above their Waitrose stores. Units will range from studio apartments to four bedroomed homes.
Tenants will be able to recreate their own 'Carrie Johnson nightmare' by renting the properties fully furnished from the department store or use the option to provide their own. Some developments will provide a concierge service and a Waitrose convenience store.
Initial roll-out is planned for the South East where the company sees the greatest difficulty faced by first time buyers, but its property portfolio would allow it to spread further over time.
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.