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The retailer is in talks with Kensington and Chelsea council about turning the site, now used as an online shopping collection point and storage facility, into a luxury scheme.

A spokesperson for John Lewis said it would make commercial sense to develop the site. She said: 鈥淛ohn Lewis can confirm it is in discussions with Kensington and Chelsea鈥檚 planning department to ascertain the viability of developing its Draycott Avenue warehouse site for residential use.鈥�

It is understood that John Lewis will enter into a joint venture with another developer for a residential scheme. Architects are looking at options for the 0.5 ha site.

The move is significant as it will be John Lewis鈥� first foray into residential-only development. Housebuilders are now speculating whether this is a one-off or the beginning of a move into the property world.

David Pretty, the chief executive of Barratt, said the firm could bring a fresh approach to residential development.

He said: 鈥淭his is obviously a new area but John Lewis has a good track record in retail. It would need to work with another developer to bring in expertise but has every chance of getting the best value out of the site.鈥�

Supermarket chain Sainsbury鈥檚 used to own a development arm, J Sainsbury Development, but sold it off in 2004 for 拢199m.

Tesco is working on plans to develop a store in Southwark, south London, as part of a mixed-use scheme including 320 homes.