Following the lettings success of the A:Living launch of Build to Rent apartments at their flagship Coda development in Battersea, London investor-developer – Avanton – is planning new pipeline Build to Rent projects in Old Kent Road and Wembley. Both projects will provide around 800 units and will be delivered under the A:Living brand.
On Old Kent Road in Southwark, Avanton has consent for the £730m (GDV) Ruby Triangle project which will provide 1,414 new homes, of which circa 50% (700 units) will be Build to Rent. The Farrells designed scheme will comprise residential towers between 17 to 48 storeys in height, designed around a central park and complete with sports hall, gym, retail units, workshops and studios.
In Wembley, Avanton and project partner Canada Israel, have just submitted a planning application to the London Borough of Brent for the regeneration of the 2.5 acre (1.26 hectare) Wembley Point site on Harrow Road. The plan is to create a residential-led development known as Stonebridge Place with a GDV value of up to £250m. The scheme will deliver 515 new homes of mixed tenure, of which around 100 have the potential for Build to Rent units. The proposed scheme includes 1,200 sq ft of commercial space, new boxing gym with public café, landscaped gardens, pedestrian boulevards and new waterfeatures.
“London’s Build to Rent sector is rapidly growing in size, quality and product range and last year Avanton announced a three year expansion into this sector, seeking land and strategic opportunities to deliver high-quality purpose-built stock to meet the market demand. Our successful launch of A:Living is an exciting step, with our pipeline developments set to further deliver a diverse portfolio of Build to Rent units for young Londoners to choose from.”Omer Weinberger, CEO, Avanton
Coda, Battersea pilot scheme
Through Savills, 20 premium two-bedroom Build to Rent apartments located between the 2nd and 20th floors were let in just over three weeks (take-up rate of 6-7 per week). Rental values ranged from £3,500 pcm to £4,000 pcm on 12-36 month tenancies, with standard break clauses. This pilot scheme generated Avanton a total rent roll of over £700,000 per annum into the corporate entity the units are held. The 20 apartments were all fully furnished and include a private terrace. Amenities include a residents-only club lounge, concierge, state-of-the-art fitness studio and access to a landscaped podium garden.
Tenants were a combination of young professionals in their 20s and early 30s, flat sharers and wealthy overseas students (from the EU, Middle East and Asia). Residents liked the ‘turn-key’ offering at Coda with the A:Living collection dressed by three interior designers: Andrew Martin, Juliana Ardenius of JMI Group and Olivia Caplan of Caplan Design.
Designed by Pankaj Patel MBE of multi-award-winning practice Patel Taylor, the £260m (GDV) development in Battersea is located on a large 2.1-acre island site between York Road and York Place, with an architecturally striking central residential tower, known as Coda, which provides 130 private sale apartments and penthouses which are now almost 70% sold. Inspired by Battersea’s Victorian mansion blocks, the two buildings on either side of the tower are six and 11 storeys and provide 169 Build to Rent homes managed by A2Dominion.
The three apartment buildings sit on a raised podium above the newly opened Royal Academy of Dance headquarters on the ground floor – which was officially launched by HRH The Duchess of Cornwall – with the podium roof providing landscaped residents’ gardens designed by RHS Chelsea Flower Show medal-winner Exterior Architecture.
“We are delighted by the success of the A:Living Build to Rent units at Coda. The success of this pilot scheme demonstrates the significant demand for the premium product and lifestyle offering at Coda, and the launch of our first Build to Rent units which offer a new type of high quality tenure option for Londoners. A:Living provides exceptional homes with stylish interiors curated by highly regarded designers. Build to Rent homes provide a solution to help with the capital’s housing shortage, and these multiple tenure schemes offer tenants a sought-after lifestyle at competitive prices.”David Ronson, Sales and Marketing Director, Avanton
The launch and success of A:Living at Coda follows the announcement of Avanton’s expansion plans into the Build to Rent sector, with several pipeline projects alongside a £500m fund for strategic land acquisitions.