A DEPARTMENT store chain is pressing on with plans to turn a former Reading warehouse into homes.
This month, the John Lewis Partnership announced a joint venture with Scottish investment company abrdn – the new name for Standard Life – to build homes across its estate, as it undertakes a modernisation programme.
The proposals include its former customer collections site in Mill Lane, off Southampton Street.
The transformation of the warehouse site in Reading forms part of the John Lewis Partnerships’ vision to build 10,000 new homes over the next decade.
The first stage of this vision is to build 1,000 homes across three sites: Reading, Bromley and West Ealing.
No official plan has been submitted, so it is unknown how many homes would be planned for the site, but they would be ‘build to rent’ to address a shortfall in rental properties.
John Lewis Partnership and abrdn’s joint venture is worth £500 million.
Announcing the agreement, John Lewis Partnership’s executive director for strategy and commercial development said: “Our partnership with abrdn is a major milestone in our ambition to create much-needed quality residential housing in our communities. Our residents can expect homes furnished by John Lewis with first-rate service and facilities.
“The move underlines our commitment to build on the strength of our brands to diversify beyond retail into areas where trust really matters.”
Neil Slater, head of real assets at abrdn, said: “The critical lack of quality rental accommodation in the UK needs to be addressed, so we are delighted to partner with the John Lewis Partnership to provide the required institutional investment.
“The ambitions and responsible ethos of our brands both strongly align, and our partnership should offer investors long-term returns and give residents confidence in a top-quality living experience.”
A public consultation for the site in Reading is expected in 2023.
Abrdn gained attention in Reading earlier this year when it revealed a proposal to replace a row of stores at Forbury Retail Park with 900 homes.
No application for the proposal at Forbury Retail Park has been submitted to Reading Borough Council’s planning department.
