Boots joins John Lewis and Lloyds in entering the pro...

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20 July 2021

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By Graham Norwood

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Boots joins John Lewis and Lloyds in entering the property sector

Boots is the latest company to dip its toe into the water of the property sector.

Modular housing company ilke Homes has been selected by Boots to deliver a 622-home scheme at Beeston in Nottingham.

The deal involves a 43-acre housing site close to Boots’ UK headquarters and is part of the wider 286-acre Nottingham Enterprise Zone.

ilke Homes says it will create a ‘model village’ development of 505 houses and 117 flats. All the houses will be modular, with an Energy Performance Certificate rating of at least a ‘B’.

ilke - which claims this EPC rating will make the Boots properties more energy-efficient than 92 percent of all new-builds in the UK - says the modular homes will be “delivered in a sustainable and efficient manner, which aligns closely with Boots’ long-standing vision of caring for people and communities around the world.”

Mark Chivers, director of estates for Boots UK, says: “We are delighted to partner with ilke Homes to develop this site to provide high-quality, affordable and energy-efficient housing for people in the local area. Because of the historical significance of this site and everything it represents in terms of our company heritage it was vital that we find the right partner. I am pleased that the site will be put to good use and look forward to seeing a thriving community emerge there in the coming years.”

Ands Tom Heathcote, executive director of development at ilke Homes, adds: “This site represents a truly special opportunity to create a unique and sustainable housing development within the established Nottingham conurbations. The site is steeped in rich heritage and has been a central part of Boots’ success story over the last few decades.”

Earlier this month the John Lewis Partnership released details of an ambitious plan to build and furnish private rental properties. In a bid to shore up its flagging retail reputation and income, the company wants to build some 10,000 rental units. This will be through joint ventures with established developers.

Plans for some 7,000 of these are already at initial stages on sites currently operation as department store car parks, Waitrose grocery stores, or company distribution centres. Other sites will also be developed from scratch.

And less than a fortnight ago Lloyds Bank revealed that tenants will “within the next few weeks” move into the first of a series of new developments it is buying as it enters the private rental sector.

In June it was revealed by the Financial Times that the bank’s first acquisition would be a new-build block in Peterborough; this is now the scheme into which the first tenants are expected to move. Lloyds is considering a raft of other new build block purchases, with all units to be managed by its own subsidiary called Citra Living.

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- John McKay
- 20 July 2021 09:44 AM
With the Boots recent history of not paying rent to their landlords, one can only hope they experience the same fate.
James Fraser

20 July 2021 13:15 PM
Bloody funny comment, John! I presume they’ll be extra lenient and understanding when tenants demand a 50% reduction ‘due to the pandemic’ etc etc (or indeed anything!).
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- PossessionFriendUK PossessionFriend
- 20 July 2021 17:54 PM
Rents will be Top Draw,
but each new tenant will receive a complimentary Johnsons Baby Talc !