New homes are planned for Bromley, West Ealing, and Reading, with the John Lewis Partnership set to develop and manage the proposed new sites.

Plans for the Bromley and West Ealing sites involve the redevelopment of Waitrose shops to provide new homes and improved stores, while a vacant John Lewis warehouse is set to be redeveloped in Reading.

According to the John Lewis Partnership, the organisation is working with local authorities and hopes to submit planning applications for the West Ealing and Bromley sites next year.

The first public consultation for the Reading site is also expected in 2023.

The John Lewis Partnership hopes to build 10,000 new homes over the next decade, and this JV with abrdn will help them to reach 10% of this ambition.

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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, added: “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.”