The man behind John Lewis’s push into rental housing has quit the business.
Chris Harris announced at the weekend that he was standing down as John Lewis Partnership’s property director.
Harris has been with the partnership for five years, having previously been head of property at Arcadia. He will leave in November after five years with the retailer, having led its diversification into property development.
Harris said: “After five wonderful years I have decided that the time is right for me to explore new opportunities outside of the partnership.”
Most recently he set up the build-to-rent business and last year led the work to secure Abrdn’s £500m investment into the partnership’s BTR programme, which will help provide the first 1,000 homes.
John Lewis’s plans to ultimately build up to 10,000 homes are a key part of chair Dame Sharon White’s diversification strategy.
Harris added: “Working for a partner-owned organisation, with purpose at its heart, is very special – and I’m particularly grateful to those partners in the property and BTR teams that I have had the enormous pleasure to work with, have provided me with so much support, and have made sure that we are well set up to deliver our strategic goals.”
It is understood that Harris may set up an investment vehicle to take advantage of distress in the retail property market. He has already received approaches from prospective private equity backers.
Berangere Michel, executive director for finance, said: “I would like to personally thank Chris for all that he has done for the partnership and the important role he has played in setting us up for future success. He leaves us with our very best wishes for the future.”
In the next few weeks, John Lewis will file planning applications for homes above its Waitrose supermarkets in Ealing and Bromley. It is also taking on the management of build-to-rent properties owned by Abrdn.
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