Build to Rent developer, owner and operator – Essential Living – will restart construction for its Build to Rent scheme in Swiss Cottage. Essential Living has informed Camden Council that it has re-engaged its contractor, with works expected to begin by mid-2023.
In early 2021, main construction works on the site were paused – at which time the 2016 consented scheme was five years old and financially unviable. Reasons for this included the Covid-19 pandemic and wider economic circumstances, including the cost and availability of materials and labour.
Essential Living sought to amend the consented scheme by revisiting the levels of affordable housing and changing the façade materials – in an attempt to address the viability issue. Camden Council refused both applications. Following an appeal of both applications, the former was refused in January 2022 and the latter approved in May 2022.
“We’re really pleased to be remobilising the works for 100 Avenue Road. As a Build to Rent developer who is also an operator and long-term investor in its sites, Essential Living has the opportunity to take a more holistic and longer-term view on its investments. Although a normal commercial return will still not be achievable in the short to medium term at 100 Avenue Road, we have decided to press ahead with construction of the approved scheme.”Camilla Lesser, Development Manager, Essential Living
Located at 100 Avenue Road, the 24 storey Build to Rent scheme will deliver 184 new apartments set in a high-quality landscaped setting. 54 of the apartments (30%) will be affordable – a mix of 28 homes rented at a council-determined affordable rent, 18 provided at a discount market rent for a minimum of 15 years, 5 will be intermediate rent (above social rental levels but below market rental levels), and 3 will be shared ownership.
The Swiss Cottage scheme will also include a new, modern community space for local Camden children’s charity, the Winch. The development could be ready for occupation by the end of 2025.
“We remain fully committed to the long-term future of the site and making a positive and sustainable contribution to local life in Swiss Cottage.”Camilla Lesser, Development Manager, Essential Living