John Lewis Partnership will construct its first build-to-rent homes over Waitrose shops in Bromley and West Ealing in Greater London, as well as on the site of a vacant John Lewis warehouse in Reading.
Locals in Bromley and West Ealing will be invited to public consultations to discuss the plans, which include improvement to the Waitrose stores as part of the redevelopment process.
Based on feedback received, the group said it intends to submit planning applications for Bromley and West Ealing in 2023.
The three chosen locations are part of John Lewis plans to build 10,000 homes in the next ten years, half from its own property portfolio.
Becoming a landlord is part of management's long-term plan for 40% of profits to come from outside of retail by 2030.
"The homes would be built for different sized households and designed to our high standards. Residents would have options for short and long-term tenure and to have the homes furnished by John Lewis. Creating a sense of community through incorporating shared spaces and facilities such as roof gardens and fitness studios and exploring how schemes can play a role in the wider community would be integral to our approach," the company said.