Under-used and surplus John Lewis property is to be converted to flats or redeveloped for a mix of retail and residential use.
Subject to planning permission, Waitrose shops in Bromley and West Ealing in Greater London will be redeveloped to provide new homes and improved stores. The aim is to submit planning applications in 2023.
In Reading, a vacant John Lewis warehouse will be redeveloped. A first public consultation for this site is also expected in 2023.
The homes will be developed and managed by the John Lewis Partnership.
John Lewis said that the joint venture would help it to reach 10% of its ambition to build 10,000 new homes over the next decade.
Nina Bhatia, executive director for strategy and commercial development at the John Lewis Partnership, 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.”