Case proven for mid-market build-to-rent as Canning Town development hits 100 lettings in just over two months

Grainger plc has welcomed its 100th resident to its latest build-to-rent scheme, which is offering a slice of affordable luxury in the up-and-coming district of Canning Town, east London.

In its ninth week of lettings, Argo Apartments, which lies directly opposite Canning Town station, has already filled three-quarters of its 134 apartments, which are fully-sized and can come furnished or unfurnished, with superfast broadband ready to go from day one.

Grainger plc, the UK’s largest listed residential landlord, is specifically targeting the mid-market, pricing the first wave of apartments to be accessible to over 50 per cent of people working within one mile of Argo Apartments. As a result, the development has attracted key workers such as teachers and nurses working nearby, as well as professionals attracted by the great connections to Canary Wharf, the City and West End.

Prices for the remaining apartments start at £1430pcm for a one-bed and £1750pcm for a two-bed, which includes 100Mbps fibre optic broadband by Virgin Media, access to all communal areas, a 24 hour residents’ services team and a dedicated handyman to quickly fix any faults.  A £1750pcm two bed flat could be let to a household earning £53k – such as two graduate sharers earning £26,500 each.

The one and two-bed apartments have all been designed exclusively for rent – meaning they are finished to a higher standard to ensure they withstand the test of time, as Grainger plc is holding onto and managing the properties for the long term. The homes are all Sky enabled, with excellent storage space and a personal balcony.

Argo Apartments boasts over 9,000 sq. ft. of space to work and socialise with neighbours, including a 5,000 sq. ft. roof terrace along with workspaces, residents’ lounge, virtual fitness studio, fully equipped gym, as well as an on-site concierge to maximize security and ensure you don’t get any dreaded red cards from the postman.

To help transform renting from being tenure of last resort into a genuine alternative to homeownership, Grainger plc is offering flexible family-friendly tenancies of up to three years while charging no admin or renewal fees – unlike many buy-to-let properties.

The FTSE-250 listed business has emerged as a market leader in build-to-rent, investing £650m in creating new homes for rent over the past two years. Grainger plc is looking to invest £850m by 2020.

Anish Thobani, customer operations director at Grainger plc, said: 

“The housing market has changed drastically, with renting becoming more of a long-term option for people from all walks of life and we need to provide high quality housing to meet this demand. Argo Apartments is a great example of how renters can get all the perks while still being accessible to people on ordinary incomes.”

Roberto Rausa, senior lettings manager at Hamptons Canary Wharf, said:

“We have seen a great increase of enquiries for all our build to rent schemes including many from Argo Apartments. Our customers are looking for high quality homes and build to rent schemes are constructed to a high standard than most rental properties.”

The Canning Town area is seeing a huge transformation, with highways improvements underway and the £600m Hallsville Quarter regeneration, which Argo Apartments is part of, reshaping the town centre with new retail, leisure and residential opportunities.