John Lewis Partnership To Manage Three Residential Rental Sites

• JLP has been appointed by abrdn to take over the management services of three existing residential rental sites  
• Residents will benefit from the trust, quality and service our Waitrose and John Lewis brands are known for 
• JLP will begin managing the first property - a site in Leeds - from 1 November 2023 

The John Lewis Partnership (JLP) is to take over the management of hundreds of rental apartments in three existing apartment buildings on behalf of funds managed by global investment company, abrdn.  

From 1 November, JLP will assume operation of Clarendon Quarter in Leeds, which has 325 homes. The other two locations will be confirmed in the coming months. 

Clarendon Quarter provides furnished one to three bedroom homes, including apartments for key workers at a discounted rental level. The building was converted into a build-to-rent (BTR) development in 2017 before being acquired by abrdn in 2020. 

A small team of Partners, as our employees are known, will oversee the on-site management of the building with abrdn remaining responsible for the asset management of the building.

All residents living in the fully let building have access to shared facilities, including a gym, resident lounges and landscaped gardens, as well as a concierge service.  

The move will establish a management proposition built on the trust, quality and high level of customer service associated with our brands. In the future, the proposition will be used in homes JLP will build and manage on our own sites, subject to planning permission. However, the apartment blocks we take on management for abrdn will not be the final JLP rental proposition. 

JLP’s extensive estate offers us the opportunity to unlock some of it to develop quality housing, particularly in areas with well located brownfield sites, at a time where rental housing has never been more in demand.  

Today’s update builds on the £500m joint venture with abrdn, we announced last year, which will use the investment manager’s capital to deliver more than 1,000 new homes across three initial sites. 

Sophie Hine, Head of BTR Operations and Customer Experience for the John Lewis Partnership, said: 

"We're committed to bringing the values and trust that Waitrose and John Lewis customers know and love to the rental housing sector. Our presence in Leeds presents a valuable opportunity to engage with residents and provide them with the exceptional service we will deliver as part of our wider strategy to build much-needed quality rental homes.”

Robert McDonnell, Fund Manager, abrdn, added:

"Having worked closely with JLP for almost a year now, it’s great to be delivering on the next phase of the plan as part of our joint venture together. JLP’s move into the BTR market has been carefully planned to ensure that the procedures, processes and systems are all in place to deliver their residential property management business. We are excited that our tenants will get to experience the quality of service that JLP does so well.”

Source : John Lewis Partnership

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