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Living the dream new developments are a magnet for aspirational tenants
Living the dream new developments are a magnet for aspirational tenants
Exclusive new developments are springing up all over London and they're proving to be a magnet for aspirational tenants, keen to 'live the dream' without having to fund a hefty mortgage.
United Kingdom,
United Kingdom,
United Kingdom
(prbd.net)
18/06/2011
Exclusive new developments are springing up all over London and they're proving to be a magnet for aspirational tenants, keen to 'live the dream' without having to fund a hefty mortgage. Leading London letting agency Benham and Reeves Residential Lettings reports that new developments are incredibly popular amongst young professional tenants, with around 10 applicants for every property in high profile locations such as Imperial Wharf in Fulham and Pan Peninsula and The Landmark in Canary Wharf.
“When a tenant rents an apartment in a new development, it's not just the property they're interested in. It's a complete lifestyle.” explains Marc von Grundherr, Lettings Director ofBenham and Reeves Residential Lettings. Of course, they're looking for an apartment that is sleek and ultra-modern, with the latest appliances. Ideally, they'd like stunning views over landscaped gardens. And fantastic amenities " a health club, concierge, secure parking - are the icing on the cake."
"If you're a landlord, this type of property is a wise investment," continues Marc. "Not only will it be a magnet to potential tenants, it will be easier and cheaper to maintain than an older property or a period conversion.
Buildings in Canary Wharf like Pan Peninsula, Ontario Tower, Baltimore Wharf, The Landmark and Lanterns Court, are always favourties. They boast top flight amenities so are popular with City executives. Outside space such as a balcony is a real bonus too. Their location on the Isle of Dogs is also key, with its great transport links. Premium properties like these let quickly. But it's important to pitch the rent realistically " price the apartment too high and you'll find that it's difficult to let and will stay empty for longer, giving you a longer void period and reduced income."
"Another trend we're seeing in the London lettings market is the increasing number of professionals who can't afford central London prices so are looking to rent further afield " keen to enjoy similar facilities and good transport links to the City, but at a lower cost. That's why developments such as St George plc's Beaufort Park in Hendon are so popular." continues Marc.
The latest phase of apartments here goes on sale in July, with around 60% expected to be bought by investors. "We've let over 400 units at Beaufort Park since its launch and the next phase looks set to be snapped up too. Tenants love the finish, the space, the good transport links and the affordability. The development's landscaped parkland, boulevard full of cafes, restaurants and shops and on-site health club are also a bonus and we expect them to let quickly."
A good way to ensure an apartment lets quickly, especially if it is one of several in a development coming onstream at the same time, is to furnish it to a high standard. "It's easier to visualise yourself living in a stylish home where all the design has been done for you. Compare this to an empty apartment that you have to work hard at imagining as your home " and then do the legwork yourself to furnish it. It's easy to see which one a prospective tenant will fall in love with. That's why many clients use our design and furnishing service to give their property the 'wow' factor. It's a 'secret weapon' often recommended by London lettings agents " and a very effective one."
To find out more about apartments available to let through Benham and Reeves Residential Lettings, go to www.brlets.co.uk
Editor's notes:
Established in 1956 in Hampstead, London, and now with nine offices in the prime residential areas of London, (and overseas offices in Singapore, Hong Kong, Dubai, Delhi and Mumbai), Benham and Reeves Residential Lettings is recognised as one of London's largest, specialist lettings and property management agencies. To complement this, they also provide an interior design, refurbishment and furnishings service for London rental investment properties to landlords based worldwide.
Name: Tracie Lack
Website: www.brlets.co.uk
Email: brmarketing@brlets.co.uk
Phone: 020 7433 6675
Country: United Kingdom
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Exclusive new developments are springing up all over London and they're proving to be a magnet for aspirational tenants, keen to 'live the dream' without having to fund a hefty mortgage.
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