Property Week quotes Ingrid Saffin on John Lewis Partnership (JLP)’s entry into the build-to-rent (BTR) market
John Lewis Partnership (JLP)’s entry into the build-to-rent (BTR) market has moved a step closer after the retailer submitted planning applications for its proposed schemes in Bromley and West Ealing, to deliver around 800 new homes near and around Waitrose stores.
Ingrid Saffin, Partner, provides comment for Property Week:
“While this is a fairly unusual move because retailers are not typically active partners in this sort of venture, the move mirrors the model of mixed-use developments that are common up and down the country.
“Building up by putting residential units above existing stores is a good way to sweat existing assets, creating value out of what is currently air space. Some lenders don’t like lending on flats above commercial premises, so utilising the space for short term lets is a sensible solution.
“Despite this, retailers being involved in these developments is unlikely to be a growing trend, as retailers are experts at just that, not at creating housing solutions. The key for John Lewis will be to partner with the right developers and advisers to provide the experience and knowledge that they need to make a real success of this.”
Read the full article in Property Week here.