February marked a significant milestone for Vertus and the Canary Wharf estate with the first anniversary of the award-winning 10 George Street, the first build-to-rent (BtR) development to launch on the Estate. The opening marked the transition on the Estate from London’s most successful business hub and lifestyle destination to a residential neighbourhood as well. In a year unlike any other, the Vertus team at 10 George Street have gone above and beyond to develop a close-knit community and set the standard for the BtR sector in the UK.
Launching just a month before the full impacts of the pandemic became clear 10 George Street is the first of three BtR developments to launch on the Canary Wharf estate’s newest neighbourhood, Wood Wharf. To date of the 327 apartments available over 50% have been occupied on a short or long-term lease.
Commenting on 10 George Street’s anniversary, Alastair Mullens, Head of Vertus, said: “It is a very exciting milestone for 10 George Street, since we first opened the building a year ago just weeks before the impacts of the pandemic, so much has changed about the way we live. The property market was historically closed, and the various lockdowns and tiers presented an incredibly tricky environment but we’re proud of everything achieved in the first year.
“Only a few years ago the BtR sector in the UK was relatively unknown. Now, with the roadmap out of lockdown announced, we’re excited to see the gradual lifting of restrictions as we expect to see many renters looking for the lifestyle available with BtR and the convenience available on the Estate. The high-quality and flexibility our schemes offer lends itself to the way renter’s habits have changed over the past year and the Estate provides everything they could need or desire all within walking distance.”
The launch marked a pivotal point for the burgeoning BtR sector in the UK, setting the bar with world-class amenities, high-quality apartments and exceptional levels of service. Residents can sign a flexible tenancy to suit their own needs, with varied deposit options available introducing a new way to rent.
While the pandemic caused uncertainty in some real estate sectors, the BtR sector has undergone remarkable growth in the past 12 months reaching £4 billion in 2020, up from £2.6 billion in 2019 according to Knight Frank’s Multihousing Report. In the coming years BtR developments will exponentially increase as demand rises for renting as a lifestyle choice rises as people value life experiences and expect more from their homes.
Buildings that are designed specifically for renters provide shared social spaces, such as on-site gyms, cinema rooms and co-working spaces. By reintroducing the aspect of community into renting, BtR developments are able to meet a key demand amongst renters following the Covid-19 pandemic. The tech-led approach of the industry is also another area which appeals in particular to millennials who make up a large bulk of renters. Many BtR schemes are tied into an app allowing renters to manage some aspects of their tenancy, whether reporting repairs to maintenance or booking social spaces, something that is available with Vertus.
What has stood out to a number of residents renting at 10 George Street was the quick response to the pandemic. Following the temporary closure of the amenity spaces, Vertus adapted the social calendar to incorporate virtual events to ensure residents stayed active and engaged during the lockdowns.
Although face-to-face events were no longer possible, residents were still able to enjoy themselves and get to know their neighbours participating in wine tasting events hosted by local wine stockist, Humble Grape and regular exercise classes with gym studio space, Antidote to maintain the community aspects of life at 10 George Street.
Since 10 George Street welcomed its first residents, Vertus has launched 8 Water Street, a pet-friendly scheme overlooking the South Dock, whilst Newfoundland, a spectacular 636-apartment diagrid tower that stands out on the London skyline, is set to open in Spring 2021.
Show apartments at 10 George Street are available for prospective residents to view from £2,002. For more information about Vertus, 8 Water Street and 10 George Street visit www.thisisvertus.com
For further information, please contact:
Canary Wharf Group plc
T: 020 7418 2166