John Lewis is making further attempts to become one of the country’s biggest private landlords.

It’s submitted of a planning application to build hundreds of Build To Rent flats in Reading, repurposing brownfield land which John Lewis previously used as a delivery depot. If approved, the partnership will commit £80m to demolish the old distribution warehouse and build 215 rental flats.

The retailer has agreed a £500m multi-decade joint venture with global investment company abrdn to deliver around 1,000 new homes in the three locations.

Stacy Eden, national head of real estate at RSM UK,comments: “John Lewis’s plans to build 215 rental flats by transforming an unused distribution warehouse is a great example of revitalising brownfield land. If approved by local authorities, this initiative will help to alleviate some of the growing housing pressures in Reading by providing much-needed rental housing stock, helping to tackle the UK’s supply and demand imbalance.

“However, there remains key challenges in terms of planning reform, so the government’s focus on accelerating the planning system and revising the National Planning Policy Framework will hopefully ensure that the development can be started sooner rather than later.”

He adds: “The BTR market is a niche sector experiencing high demand. This is due to many landlords selling their properties in recent years and first time buyers struggling to get on the housing ladder, driven by the rise in interest rates in 2022/23, high house prices, and lack of incentive from government. Professional build-to-rent developments therefore help to effectively address this demand.”