Build-to-rent projects, having been spoken about for a number of years now, are finally coming through the planning system more frequently. It isn’t just a difference in tenure though. The whole building it seems is a little different, from the space standards to the communal areas.
Why so? And why all this emphasis on communal areas? For build-to-rent developers, they’re key. Apparently for every friend a tenant makes within their block, they’re 40% more likely to renew their lease. If a tenant makes two friends, then they’re 90% more likely to stay. For institutions building homes for rent, this means fewer void periods, less capital spent on marketing and everything else. In other words, less leakage from the business. If people stay longer, then build to rent, or what agents JLL are now calling private rented communities, will become just that. It’s an exciting time for the sector.
Here’s another that stands out from the crowd.
Legal and General has received planning consent for 440 rental flats, in the first of its kind for Waltham Forest. The site on the former Ferry Lane Industrial Estate sits over the road from Blackhorse Road tube station on the Victoria Line, so is well situated to benefit from the high demand of those wanting to rent and be in central London in less than 20 minutes.
With L&G’s new build-to-rent factory in Leeds in mind, which will have the capacity to build 3,000 homes per annum, the scheme has been designed with the flexibility to be built using traditional methods or a modular system.
Of the 440 homes, 355 will be private rent and the rest affordable in the shape of “discount market rent”, offered at a 20% discount and prioritised for key workers. The scheme has been designed by Assael Architecture and similar to another L&G build-to-rent project for Essential Living at Creekside Wharf in Greenwich, the affordable homes will be built “tenure blind”, and pepper-potted through the buildings. Incidentally, the Creekside Wharf scheme a won Housing Design Award for its proposals, before a spade was even put in the ground.
Russell Pedley, director and co-founder of Assael Architecture, said: “A successful build-torent development seeks not only to provide residential apartments for private rent, but the opportunity to adopt a new lifestyle where the whole development is your home, and you’re part of a community that thrives on its communal space and amenities. We have designed an environmentally sensitive and high-quality development that sits perfectly in its surroundings and will benefit those who live there, as well as the wider community.”
Assael Architecture said: “All the apartments have a distinct set of design features that set them apart from traditional for-sale units. This means equally sized bedrooms, an emphasis on shared spaces that create a sense of social cohesion and offer a range of uses to suit residents’ needs and interests. Potential uses include a lobby, high-quality gym, business hub for those who work from home and private event areas that can be hired for occasions.”
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