February 2021 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 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.
10 George Street launched a month prior to the Covid-19 pandemic. The development is the first of three to launch on the Canary Wharf estate’s newest neighbourhood – Wood Wharf. The scheme includes 327 high quality apartments – and over 50% have been occupied on a short or long-term lease. Residents can sign a flexible tenancy with varied deposit options.
“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.”Alastair Mullens, Head of Vertus
While the pandemic caused uncertainty in some real estate sectors, the Build to Rent sector has undergone remarkable growth in the past 12 months. According to Knight Frank’s Multihousing Report, the sector reached £4bn in 2020, up from £2.6bn in 2019. In the coming years, Build to Rent developments will increase as demand for renting rises as a lifestyle choice – as people value life experiences and expect more from their homes.
“Only a few years ago the Build to Rent 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 Build to Rent and the convenience available on the Estate. The high-quality and flexibility our schemes 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.”Alastair Mullens, Head of Vertus
By reintroducing the aspect of community into renting, Build to Rent 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 to millennials who make up a large bulk of renters.
Following the first lockdown, Vertus responded quickly by shifting events online to ensure residents stayed active and engaged – something that stood out amongst residents.
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.