John Lewis’ announcement that it is pulling out of the housebuilding business left approved plans to build 353 homes above Bromley’s Waitrose hanging in the balance. However, it is understood that John Lewis plans to sell the planning consent to a developer who can deliver the project.
On Wednesday, John Lewis Partnership announced it was withdrawing from its build to rent property business, citing “higher interest rates, inflationary pressures and a more cautious property market”. The employee-owned business which operates John Lewis and Waitrose has chosen to focus investment on its two core retail brands instead.
