The John Lewis Partnership is taking over the management services of three build-to-rent properties on behalf of funds managed by abrdn, with the first confirmed to be in Leeds.
JLP will begin operating Clarendon Quarter in Leeds, which has 325 homes and is fully let, on 1 November. The other two locations will be confirmed in the coming months.
A small team of partners, as JLP employees are known, will oversee the on-site management of the building, with abrdn remaining responsible for the asset management. Its features include a gym, resident lounges and landscaped gardens.
Clarendon Quarter consists of one- to three-bedroom homes, including apartments for key workers at a discounted rent. The building was converted into a BTR development in 2017 before it was bought by abrdn in 2020.
JLP previously set out plans to take over management services on three existing BTR sites in June.
Abrdn will remain owner and landlord of the buildings, which were previously managed by JLL.
The homes are not part of JLP’s target to build and manage 10,000 new rental homes. However, the group said the management platform would be used to help deliver its “future proposition”.
The news came after JLP formed a £500m joint venture with abrdn, which will use the investment manager’s capital to deliver more than 1,000 new homes across three initial BTR sites.
Sophie Hine, head of BTR operations and customer experience at the John Lewis Partnership, said: “We are 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 at abrdn, said: “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.”
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