The John Lewis Partnership (JLP) has received the green light from Ealing Council to revamp its Waitrose West Ealing site, following a successful appeal by the retail behemoth.
The application, which has been navigating the planning system for nearly two years, is a key component of JLP's long-term strategy to diversify its revenue streams through build-to-rent schemes, as reported by .
The approved plans will result in the creation of 428 build-to-rent homes, inclusive of 83 affordable rented properties, alongside an upgraded Waitrose store and car park.
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"We're pleased that the Inspector has found in favour of the multi-million-pound investment that will create vital new housing and a modernised Waitrose store to serve a community we have been part of for decades," said Katherine Russell, director of Build-to-Rent at JLP.
"The decision underpins a clear policy commitment to supporting brownfield development close to key transport hubs," Russell further added.
This development aligns seamlessly with the government's ambition to utilise brownfield sites for its ambitious target of 1.5m houses by 2029.
Earlier this year, the Chancellor also unveiled fresh plans to construct houses near commuter train stations as a means to stimulate economic growth.
In addition to this, JLP has designs on transforming one of its unused warehouses in Reading into an £80m residential complex boasting over 200 houses, along with plans for 350 homes in Bromley.
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All these developments are build-to-rent – purpose-built, institutionally owned and professionally managed residential blocks of flats.
Build-to-rent undergoing a 'transformative shift' for John Lewis
The build-to-rent sector in the 海角视频 has seen significant growth in recent years, though it currently only accounts for 2.3 per cent of the total rental market.
Svitlana Gubriy, head of indirect real assets at Aberdeen – which is involved in a £500m joint venture with John Lewis Partnership (JLP) – expressed her enthusiasm about the future of the build-to-rent sector.
"[It's] undergoing a transformative shift... With the fundamentals of demand and supply supporting steady cash flows and sustaining long-term value of the sector, the focus is increasingly shifting on fostering community engagement and addressing local needs," she stated.
The government already supports the market through the National Planning Policy Framework (NPPF) and the London Plan, and encourages public-private partnerships to bolster the sector.
Grainger, the 海角视频's largest landlord, has also shown its support for build-to-rent, with £1.3bn and 4,565 homes in its BTR pipeline.
"The need for rental homes is well-identified, but very few local planning authorities yet have dedicated build-to-rent policies," said Ian Fletcher, director of policy at the British Property Federation.
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"There is a huge amount of investment interested in helping fund the chronic undersupply of new rental homes," Fletcher added.
However, property titan Savills has previously cautioned that chronic under-investment could pose a future obstacle for build-to-rent, with £300bn required to meet forthcoming demand levels.
"What's becoming increasingly important is social value with investors dedicating their efforts to develop residential projects that are not only financially successful but also cater to the needs of future generations."
"The recent developments in Ealing serve as a testament to this pivotal trend," Gubriy stated.