Delays in planning approvals leaving John Lewis waiting for two years prompt calls for reforms
John Lewis, the iconic British retailer, has taken a significant step into the property development sector with the announcement of a new housing project in the London Borough of Bromley. The venture, which received planning permission to construct 350 residences on top of an existing Waitrose store, is a joint project with asset manager Abrdn, aiming to deliver 1,000 homes in total.
The development, located on a four-acre site near Bromley South railway station, includes three residential blocks ranging from 10 to 24 floors. Around 320 of the residences will be energy-efficient rental flats, and 30 will be affordable homes, providing a mix of housing options for the local community.
Katherine Russell, Director of BTR (build-to-rent) for the John Lewis Partnership, emphasizes that building for rent enables new developments to come to life more swiftly and provides a steady revenue stream while utilizing the company's extensive real estate assets.
In a bid to boost investment in new housing, John Lewis representatives have called for planning reforms. They believe cutting red tape and utilising billions in unused development levies would help accelerate housing development. The Labour Government, which has outlined its commitment to "Get Britain Building" and prioritizes brownfield sites for delivering houses, may find these suggestions appealing.
Russell argues that brownfield development zones with pre-agreed height, use, and other elements would create greater certainty in housing development. This approach could help the government meet its target of building 1.5 million new homes in five years, as addressing planning delays and issues is crucial, according to John Lewis.
To prevent "land banking", John Lewis suggests tax breaks for developers who start construction immediately. The company, which is moving into the housing market due to the strategic advantage of rental housing, allows for quicker project launches without the need for property sales.
The Waitrose supermarket will be retained at ground level in the development, ensuring continuity for local shoppers. John Lewis has also committed to managing the venture independently, ensuring long-term control over the rental properties.
High-quality housing is essential for attracting and retaining people in various industries, such as scientists, tech founders, teachers, and nurses, according to Russell. By investing in property development, John Lewis is revitalizing its retail business, positioning itself as a key player in the housing market.
Read also:
- Upcoming iPhone Model: What We Understand Thus Far
- Chinese Medicine: An Overview of Traditional remedies and healing techniques from China
- Severe Norovirus Infections: Exploring Potential Health Complications
- Bangladesh confronted a health predicament, marked by outbreaks of dengue fever and chikungunya.
