Katherine Russell, the former property executive who led John Lewis Partnership's move into residential lettings, has launched a consultancy called Lived. The business will advise property investors, developers and operators on investment strategy, portfolio performance and management.
The launch follows John Lewis's decision to abandon its build-to-rent ambitions in February 2026. The retailer blamed rising borrowing costs, construction expenses and difficult market conditions.
Career at John Lewis
Russell spent almost 20 years at John Lewis and played a central role in developing its rental business. She established an operating platform that grew to manage almost 1,000 homes across Leeds, Leicester, Birmingham and Stratford, with the platform managing them on behalf of Aberdeen clients.
Russell also oversaw three proposed residential developments. She secured planning permission in Bromley and West Ealing, plus a resolution to grant permission in Reading. The West Ealing scheme gained approval following a contested public inquiry. However, John Lewis withdrew from build-to-rent before delivering its planned development pipeline.
New consultancy targets residential investors
Russell has secured an institutional investment manager as her first major client, though she has not disclosed its identity. Her work will include developing the investor's residential strategy and improving the performance of its existing portfolio. She is also advising a private family office and asset managers.
Russell holds a board position at Dolphin Living. Lived. will focus on residential operations, property management and investment performance.
Russell previously estimated that John Lewis had generated an extra £500,000 in annual net operating income across three managed residential assets. She disclosed the figure during a PropCast interview with Anne Breen, Aberdeen's global head of real estate.
Market challenges
Russell said difficult investment conditions were putting pressure on residential operators. "There is still huge opportunity in Living, but it's a tough market to make things happen in. Capital is selective and viability is stretched," she said.
"Operating businesses need investment and scale to succeed, while investors need clear oversight of operational performance or risk leaving significant value on the table."
Russell said her experience at John Lewis had highlighted the importance of linking investment decisions with day-to-day property management. "The experience I gained building a Living business inside a major consumer brand has enabled me to connect investment ambition with operational performance and a deeper understanding of customers," she said.
Her move comes as residential investors face continued pressure from financing costs and development viability. John Lewis's decision to abandon its build-to-rent plans highlights the challenges facing the sector, even for businesses with substantial resources.
