John Lewis requests amendments in planning regulations, citing a delay of two years in obtaining approval
John Lewis Partnership to Develop 350 Homes Above Existing Waitrose Store in Bromley
In a significant move, the John Lewis Partnership has received planning permission to construct 350 residences on top of an existing Waitrose store in the London Borough of Bromley. The development, located on a four-acre site near Bromley South railway station, is part of the company's strategy to expand its build-to-rent portfolio.
The project, which is in outer London, includes three residential blocks ranging from 10 to 24 floors. Around 320 energy-efficient rental flats and 30 affordable homes will be constructed as part of the development. The Waitrose supermarket, part of the John Lewis Partnership, will remain at ground level.
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, providing a steady revenue stream while utilizing the company's extensive real estate assets. The project is financially backed by a £500 million joint project with asset manager Abrdn.
John Lewis is moving into the housing market to take advantage of the strategic advantage of rental housing, which allows for quicker project launches without the need for property sales. The company has proposed planning reforms to help "avoid lengthy planning appeals," suggesting cuts in red tape and the utilization of billions in unused development levies to accelerate housing development.
Tax breaks should be given to developers who start construction immediately to prevent "land banking," a practice that delays the development of properties. John Lewis representatives have called for planning reforms to boost investment in new housing.
The Labour Government, with its commitment to "Get Britain Building" and prioritizing brownfield sites for delivering houses, has outlined its support for such developments. Katherine Russell argues that brownfield development zones with pre-agreed height, use, and other elements could create greater certainty and avoid lengthy planning appeals.
This development aims to address issues faced in the planning system and add significant new housing to the area, contributing to the growing housing demand and supporting long-term, sustainable growth. John Lewis plans to independently manage the rental properties, ensuring long-term control over these assets.
The development includes affordable homes as part of the construction, aligning with the Labour Government's goals to make housing more accessible. This move by John Lewis Partnership demonstrates a commitment to integrating property development with its customer-focused business model, creating a positive impact on the community and the housing market.
