VANTAGE POINT
ARCHWAY
One of the first Build to Rent schemes
in London, Vantage Point was launched
to the market in June 2016. This
Essential Living development with
luxury homes, a 24-hour concierge and
a raft of shared living spaces including
a gym, workspaces, lounges, outside
space and a games room offers a
unique place to live. The scheme,
located above Archway station, is just
15 minutes away from Oxford Circus,
although because of its offering, initial
rents were priced around 35% higher
than the immediate local area.
Foxtons was instructed after the
initial launch period and our unique
business structure meant that we
were successfully able to secure full
lease-up. While Crouch End was the
nearest Foxtons branch, most tenants
came from our Camden, West End and
Marylebone offices where budgets
matched the rents being charged.
Although adding around seven minutes
onto their commute time, with nothing
comparable in their initial search area,
tenants were drawn by the quality,
security and community feel of
the development.
CASE STUDY
the recent tenant fee ban and deposit
replacement products on the market.
Tenants can try an area before they buy
or live somewhere they wouldn't be able
to afford if they were buying.
After more than two decades in this
industry, I am still constantly surprised by
how open tenants are to change, to try out
new parts of the city or to be enticed by
a different offering. That flexibility and
ability to change direction at short notice
is the great joy of renting for many people.
In my experience, tenants have an 'early
adopter mindset' - show them something
new and they'll give it a try.
Many tenants come back to Foxtons year
after year. They know that our agents are
Londoners through and through. They can
be confident that we won't just show them
the area surrounding the office, that we
will make suggestions in the neighbouring
areas that suit their needs and budget. We
understand the nuances of a resident's
search, and will combine this with our
expertise of the local area to find a
property that works within their scope of
needs, however complex they might be.
Seasonal influences
The rental sector is highly seasonal. May
to October is the key lettings period and
applicant numbers soar. I am convinced
that viewing rates are directly correlated
with sunshine hours. As soon as we see
the first spring-like days in March,
Londoners will come out of hibernation
looking for their next move. The whole
team will be on standby, prepared to be
run off their feet - it's always the same,
every year you could set your watch by it.
Tenant psychology
There's a lot of psychology to the rental
market and with experience, you can
second-guess how a tenant will think. For
institutional clients launching a block,
those nuances are critical to the lease-up
rate. I've been doing this long enough to
sense the subtle turning points - it
becomes instinct and we're lucky at
Foxtons to be backed by over 15 years of
data, rigorous systems and processes that
have evolved as the rental market has
grown and changed.
Dressage Court Union Wharf
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