John Lewis Partnership got some wonderful news at the end of last month. It will allow them to move forward with plans to make a significant move into the buy to let industry. We want to have a closer look at their proposals. Then, if you want any help with guaranteed rent in Ealing, you can come to us.
A change of strategy
In December 2022 JLP announced an innovative plan to invest in buy to let property. The idea was to diversify away from retail, bringing more revenue in from other avenues. Their goal was to develop homes at various sites, ultimately becoming one of the biggest private landlords in the UK.
It has been a really interesting time since the strategy announcement. Notably, it was replaced with a different plan in 2023 to refocus on retail basics and update their business model. However, there was still a commitment to delivering buy to let housing.
Initially, two projects would be JLP’s first entry into buy to let. They would involve the redevelopment of stores in Ealing and Bromley, creating new shops and delivering hundreds of homes. It has been a difficult time for the projects though. The plan for Bromley only got planning permission in July 2024.
Interestingly, the plans for Ealing took a big step forward recently. They had been in limbo because the council did not rule on them in time in 2023. As a result, JLP made an appeal to the secretary of state for housing a year ago. After a review from a planning inspector, approval has now been given.
What happens now?
There are many popular locations in London, so investors have plenty of choice. We can offer assistance with our wide range of services, including guaranteed rent in Ealing. This is a great borough, including areas like West Ealing where there are plenty of amenities.
JLP’s plans for their West Ealing store can now progress. It is one of the largest Waitrose stores in London, and a great asset for the community. The redevelopment will modernise it and the car park. It will also deliver 428 homes above the new shop. Of them, 83 will be for affordable rent.
As well as the project for Ealing, JLP is continuing to pursue proposals to redevelop a warehouse in Reading. They plan to demolish the current building and create 200+ buy to let homes on the site. Reading Council are yet to make a decision though.
The director of build to rent at JLP, Katherine Russell, said they were pleased to get the green light for the Ealing project. She also said “the decision underpins a clear policy commitment to supporting Brownfield development close to key transport hubs”.
Ask us about guaranteed rent in Ealing
It will be fantastic to see the transformation of the West Ealing Waitrose site. The location is ideal, close to the train station so locals can easily get on the Tube or trains. It is also close to plenty of amenities, including green space. As a result, there is likely to be a lot of interest in the homes when they are complete.
The JLP project getting permission should be noted by other investors too. It shows there is support for projects in the right locations, including potentially lucrative buy to let developments.
If you are thinking of investment and want some security for your finances, we have some great services. Crucially, we can arrange guaranteed rent in Ealing for many different properties, including houses and apartments. You can contact us to talk about it if you have any queries.
