Property has been the latest market to be transformed by the shift towards an access over ownership consumer approach, with the burgeoning build-to-rent (BTR) sector proving a formidable force in the property market. Responding to rising demand in the area, Canary Wharf Group’s new build-to-rent arm Vertus is launching its first development on the privately-owned Canary Wharf estate. 10 George Street, a collection of 327 apartments available exclusively to the rental market, will be available to lease from early 2020.
The BTR market has seen significant growth over the past year, with recent research showing that there are now close to 150,000 BTR homes complete, under construction or in planning across the UK, a rise of 20% from the same period last year. London and Manchester have been the most popular with other major cities following close behind.
Home ownership in the UK is at its lowest point since 1986, with 46% of 25 to 34-year olds living in private rental accommodation, which has risen from 24% a decade ago.
The stamp duty levy on second homes has had a significant impact on the number of small scale investors in the rental sector, stimulating the growth of corporate landlords entering the market. These and other factors have combined to make BTR the fastest-growing housing sector in the country, leading to predictions that 60% of Londoners will be renting in 2025, up from 40% in 2000.
The drive has been led by a change in consumer demands, many of whom would rather rent and benefit from a short and easy commute, high-end amenities and flexibility over the restrictions of a mortgage and the potential of having to compromise on location. According to a report by Forbes in March 2019, the growth of the ‘sharing economy’, predicted to be worth $335bn by 2025, is a factor in attitudes around home ownership in the UK.
However, there is still a need among consumers to trust the brands and providers they align with to deliver the best possible products and services available.
Which is why the Canary Wharf Group, widely recognised as one of London’s most prestigious commercial landlords, is uniquely positioned to enter the BTR market. Over the last 30-years the Group has serviced the world’s blue chip corporate and retail tenants while undertaking the design, construction and management of the ever-growing Estate. Renowned for exceptional estate and building management, the BTR projects planned by Vertus will be in exceptional hands.
10 George Street is the first among three BTR developments launching in Canary Wharf in 2020. Residents will be able to sign a flexible tenancy to suit their needs with varied deposit options. The properties will also benefit from exceptional amenities in, Club Vertus, which has been furnished by interior design house Angel O’Donnell.
Club Vertus includes a lounge, expansive south-facing garden terrace, private event space, and a bar area with automatic wine dispensers. Some areas will be available for residents to book for private use and events, and there are two Sleep Suites for guests of residents to stay in. There will also be a private gym for residents, run by wellness experts Antidote, part of the Health Concierge Group.
10 George Street will set a new standard for BTR developments to match, creating the ultimate lifestyle in the heart of Canary Wharf’s new district, Wood Wharf. The design of the 37-storey building has been masterminded by GRID Architects and the striking façade will create a new landmark on the Estate. The apartments’ interiors are in an open-plan format to accentuate natural light throughout, with high-specification appliances. The homes are fully-furnished by Camerich and residents will have complete control over interior decorations.
Alastair Mullens, Head of Vertus said, “The build-to-rent market has seen unprecedented growth in recent years and Vertus’ projects will alleviate the demand for private rented homes on the Canary Wharf Estate. Allowing tenants the ultimate lifestyle, the Vertus team will be available 24/7 to help residents with a whole host of services, from maintenance, apartment cleaning, dry cleaning and parcel deliveries.
“Build-to-rent is becoming more prominent but the services at Vertus will set a new standard for what residents can expect in a rental development. We’ll also be hosting a wide array of events so residents can get to know each other and really develop a community here.”
The studio to three-bedroom apartments at the 327-unit building will be available to rent from early 2020, and the show floor is available for viewings on selected open days. Apartments will start from £1,950 per calendar month.
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