Dexters has been instructed to let the new homes at NWX Residences, a landmark Build to Rent (BTR) scheme set within the Oaklands Rise mixed-use development, part of London’s “New West End”, the North Acton-Park Royal Regeneration Zone.
The development, which is being developed in partnership between Notting Hill Genesis and Oakfield, will feature more than 200 newly built flats, designed by CZWG Ltd, the architectural practice of Piers Gough and Adam West.
NWX Residences provides a selection of one- and two-bedroom flats, all with balconies, in two new buildings, Ambrose House and Easton Court, which are sure to appeal to young professionals.
The scheme forms part of the wider Oaklands Rise mixed-use development which comprises over 600 newly built flats.
Oaklands Rise is a part of the North Acton and Park Royal Regeneration Zone, also known as the Old Oak Common Regeneration Area of Willesden. Once complete it is set to provide more than 45,000 new homes and commercial facilities, creating what is being marketed as a “New West End” for London.
Dexters is increasingly focused on the Build to Rent sector, which is forecast to grow dramatically in London over the next few years.
According to the British Property Federation the sector will grow by 30% per annum over the next few years and by 2025 the UK BTR industry will have an estimated valuation of £75bn.
There are currently over 14,800 completed and tenanted BTR properties in the capital, with almost 20,000 in the construction or planning pipeline, in a city with over 3.56 million dwellings in total, underlining the huge growth potential of the sector.
Lee Liasi, managing director at Dexters, said: ”The launch of the new NWX Residences Build to Rent apartment scheme within Oaklands Rise is part of the ongoing creation of London’s “New West End” in the North Acton-Park Royal regeneration zone.
“Available to let unfurnished or furnished, the apartments are ideal for the next generation of Londoners – the so-called Generation Z and Millennials – who often prefer to rent rather than purchase and include young professionals, singletons, young couples and key workers.”
Comments (5)
Not that I know anything about the BTR business model but why would any of these BTR operators use LA!?
They are perfectly capable of managing things themselves inhouse.
They certainly DON’T need LA to manage this.
No way will these BTR operators pay 14% management fees etc.
BTR means less demand for LA.
LA have only been of use for small LL who DON’T wish to manage their own properties.
BTR operators WON’T give away 14% of their profits to LA.
Anyone can be a LA.
There are no barriers to entry.
I’m sure BTR operators will be more than capable of setting up inhouse processes to manage their BTR development.
They certainly WON’T need rip off unqualified LA.
LA are deluding themselves if they consider BTR operators will want to use them.
Not every institutional investor has the capability of block managment and letting inhouse and quite happy to outsource that role
Quantum reduction in fees for large blocks
A growing market for someone like Foxtons to tap into
Having no clue what the costs are of BTR self-managing it will be interesting to see how many of them outsource to LA. Anyone can set up as a LA so I would be surprised if many BTR operators outsource. I guess we DON’T know what he don’t know currently. But considering commercial operation how many of those outsource to LA? Most BTR operators will have long experience in the commercial sector. I can’t believe they would be content to outsource what they are perfectly capable of doing themselves. A LA would have to come up with a compelling offer to a BTR operator to convince them not to go inhouse. But we are in new territory here as far as residential is concerned. BTR operators default position will be to self-manage though. They will probably have an onsite office in one of the flats and may even have a permanent caretaker at that site office. I would imagine that these BTR operators will follow what they have been doing for their commercial sites. Though I readily accept that residential management is far more complicated than commercial. Be interesting to see whether tenants consider BTR operators as more effective in providing a service than small LL. They may well do but at considerable cost to the tenants. One wonders whether the BTR offer will be that compelling for tenants once they realise that BTR is more expensive than your little LL. Govt ideology on the PRS is based on BTR GOOD. Small LL BAD. We will see how tenants perceive the value of the BTR offer. I think it will be just one of those continual conundrums. A bit like when that Chinese Communist Party leader was asked what he thought as to the success or not of the French Revolution. His response was that it was too early to say!!!
Dexters know what they are doing. The people I deal with there are nice people.
With an ever increasing number of institutional investors entering this sector a real opportunity for agents to secure management and letting contracts .
Notting Hill Genesis are a major coup for Dexters with an expanding ,extensive portfolio with a large exposure at the Royal Docks
go to partner for many private developers including Telford Homes .
With many of the schemes with upwards of 500 flats in London time for Foxtons .Winkworths etc to up the ante to secure contracts
I guess it won’t be long before Dexters gets listed where there is sure to be a healthy demand That must be the direction Oakley Capital are heading . If not now when?