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Aspirational tenants want new developments in London

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,’ said Marc von Grundherr, lettings director of Benham 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 such as a health club, concierge, secure parking are the icing on the cake,’ he explained.

‘If you're a landlord, this type of property is a wise investment. 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,’ he added.

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, according to von Grundherr.
But he added that it is 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,’ he said.

‘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 as they are 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,’ he added.

He revealed that they have concluded over 400 lets 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,’ said von Grundherr.

‘A good way to ensure an apartment lets quickly, especially if it is one of several in a development coming on-stream 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,’ he added.