The John Lewis Partnership has submitted plans to transform one of its disused warehouses in Reading into an £80m residential complex featuring more than 200 rental units.
The plans, which were submitted to Reading Borough Council this week, lay out the company’s vision to demolish the current structure and replace it with 215 homes, plus 6,000 sq ft of amenities.
If approved, the project is expected to kick off in eaely 2026, with the first homes ready for residents in 2028.
The scheme is John Lewis Partnership’s third foray into the property market since it announced it would expand its focus beyond retail in 2019.
The company recently secured planning permission to transform a Waitrose site in south London, next to Bromley South rail station, into 353 homes and is progressing another application in West Ealing five minutes from the local Crossrail station.
Katherine Russell, director of build-to-rent for the John Lewis Partnership, said: “We have worked closely with Reading Council’s planning officers, local residents and organisations to propose a scheme that will benefit residents and the wider community by transforming a disused industrial site into a thriving rental community.
“By revitalising brownfield land we have a fantastic opportunity to provide a significant number of homes which can help alleviate some of the growing pressure on Reading’s housing market.
“These will be homes not only developed by us, but managed by us, meaning we can offer quality service and a guarantee that homes will not be sold off, as so often happens in the rental market.”
The company’s journey into property management started five years ago when former-chairman Sharon White announced the group’s goal to generate 40 per cent of its annual profits from non-retail ventures by 2030.
However, that target has since been abandoned. Earlier this year, the partnership said it would pivot to prioritise investments in its core retail business, though it still maintains an interest in diversifying its operations.