Benefits of one bedroom lets in Central London

From having a really long soak in the bath and singing out loud to having the heating just how you want and hogging the TV to watch back-to-back box sets, living on your own certainly has its perks.

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Video: Mipim 2017 – Bruce Ritchie on Resi Land’s £500m spending plans

Speaking exclusively to Property Week at Mipim 2017, Residential Land’s Bruce Ritchie talks about his plans to spend £500m over the next 12 months, PW’s Call Off Duty campaign and the impact of Brexit.

Mipim 2017 takes places 14-18 March at Palais des Festivals in Cannes, France and this year it covered topics including ‘a new deal for real estate’, ‘how connectivity is reshaping global affairs’ and ‘sustainable urban development of cities worldwide’.

EG: Bruce Ritchie takes Residence in Vauxhall

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Bruce Ritchie’s Residential Land has bought a block of flats in Vauxhall, SW8, from housebuilder Bellway in a further example of bulk sales in the Nine Elms market.

Bellway sold 51 flats from its 510-home scheme on Ponton Road, known as the Residence (pictured).

Developers across central London and in Nine Elms in particular have turned to bulk sales over the past year to bring in cash as sales have slowed, in part owing to the EU referendum and the higher stamp duty levy.

A price has not been disclosed for the Residence, but Residential Land said the flats had been valued at more than £1,200 per sq ft. The 51 flats have a total floorspace of 43,529 sq ft, implying a total value of £52m.
A Bellway sales brochure for the Residence puts pricing at between £909 and £1,281 per sq ft, with only flats on the upper floors valued at more than £1,200 per sq ft.

The site was previously home to Christie’s auction warehouse, which Bellway bought in 2013 with Derby-based developer Clowes for £40m. Bellway took full ownership in 2014, according to the Land Registry.

Ritchie said: “This transaction marks our continued appetite for purchasing new-build property, which we see as a significant growth opportunity as sales volumes decline due to additional levies such as stamp duty.”

When concerns first arose about the central London market two years ago there was a dramatic gap in pricing expectations between buyers and sellers on bulk deals, but a broader consensus now appears to have been found, with a series of deals having completed in recent months.

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Housing Association L&Q bulk-bought a tower at the Residence in February last year, paying £65m for 114 flats, which it intends to market to the private rented sector.

Last week, Greystar and Henderson Park confirmed the purchase of 118 units in Nine Elms Point from Barratt. It was bought as part of a 172-home portfolio sale across three sites for £140.5m, equating to about £810,000 per home.

Strawberry Star, meanwhile, has bulk purchased flats from two schemes: 40 from Berkeley at Riverlight for £39.5m, and 30 at Embassy Gardens from Ballymore for £26.7m.

Residential Land is already one of the most established players in the prime London residential lettings market. It has a portfolio of more than 1,200 properties valued at £1.2bn.

Residential Land in Property Week: Resi Land unveils plans for £500m spend

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Residential Land has put a £40m development in Chelsea on the market and revealed plans to spend £500m in prime central London this year.

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Knight Frank and Savills have been appointed to find buyers for Peony Court, a gated development of seven townhouses and 12 apartments covering 18,065 sq ft, which are fully let with an annual rental value of £1.34m.

The £40m asking price reflects a yield of 3.35%.

The scheme also contains a 1,136 sq ft retail unit, let to the Little Black Gallery, which is owned by celebrity Tamara Beckwith.

Planning permission has been granted for an 840 sq ft penthouse apartment at the site on Park Walk, which runs between Fulham Road and King’s Road.

Bruce Ritchie, chief executive of Residential Land, said: “Prime central London has an undeniable elegance and with the pound deflated against the dollar, Peony Court offers a profitable and unique investment opportunity.

“We invested £500m in central London residential in 2016 and we are looking to spend a similar amount this year, predominantly in new-build stock.”

 

Read the article here on the Property Week website.

MIPIM 2017: Join us aboard Motor Yacht SHANE

MIPIM 2017

Residential Land is proud to be attending MIPIM again this year in Cannes, France from 14-17 March 2017. Join us aboard motor yacht SHANE, to speak with our acquisitions team about residential opportunities in prime central London.

To organise a meeting with the acquisitions team, please contact them directly on:

Emma Whitby-Smith, Head of Investments
+44 (0) 7930 347 490 | emma@residentialland.com

Paul Sennett, Senior Consultant
+44 (0) 7903 984 875 | paul@residentialland.com

Vanessa Vaara, Sales Consultant
+44 (0) 7930 307 708 | vanessa@residentialland.com

Or to organise a 1:1 meeting with Bruce, please contact:

Linnea Sjoberg
+44 (0) 7500 213 954 | linnea@residentialland.com

Where to find us at MIPIM: (Please note that from 9am-7pm MIPIM passes are required. After which, there is open entry to this area.)

Boat Map New

Residential Land will be sponsoring the panel: ‘How is London responding to the immediate challenges posed by Brexit?’ on Tuesday 14 March 2017, 15:15 – 16:00 in the Market Trends room (Palais 3). The speakers will include:

Pipe Jules, Deputy Mayor, Planning, Regeneration and Skills, Greater London Authority
Gibson Miles, Head of UK Research, CBRE
Jurdak Tomas, Managing Director UK, HB Reavis

Be sure not to miss out.

What is MIPIM?

MIPIM is the world’s leading property market, bringing together the most influential players from all international property sectors – office, residential, retail, healthcare, sport, logistics and industrial, offering unrivalled access to the greatest number of development projects and sources of capital worldwide.

Living in a listed building in Central London

When you search our flats to rent in Central London, you will see that many of the buildings Residential Land own are actually listed. In this blog, we explain what listed status means and explore what it’s like to live in a listed property.

This impressive, stucco-fronted Kensington residence has two bedroom rental flats, each with a stunning reception, two bathrooms and fully integrated kitchen. Flats are close to excellent transport links and exclusive retail and dining outlets

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What it is like being a Residential Land tenant

At Residential Land we value our tenants feedback so we have asked some of our tenants about what it is like being a ‘Residential Land tenant’. This is what they had to say:

We employ an in-house team of lettings agents, building surveyors, property managers and maintenance experts. With a 24-hour helpline and on-site staff to answer questions during office hours, we are confident that renting a property from Residential Land will be an enjoyable and stress free experience.

We have a number of available apartments to rent within our rental portfolio in central London.
Follow the link to view our available properties >>

London apartments to rent

Residential Land Tenants Charter
- Residential Land is the Landlord, not an agent and have a vested interest in the maintenance and rental of the property.
- If you rent directly from Residential Land you will incur a minimum tenancy agreement
- No admin fees
- We can move you in within 24 hours of agreeing the rent
- All apartments are professionally cleaned prior to tenants moving in
- We have an emergency helpline manned by a member of staff during out of office hours to deal with any emergency issues that you may have so you can rest assured that in the case of an emergency your call will be dealt with directly and efficiently
- We will endeavour to respond to and identify any maintenance issues within 24 hours of it being reported. If this is not possible then we will try to offer a timescale of works within a further 24 – 48 hours
- We will keep all our properties, including the internal and external communal areas well maintained
- Each of our properties have a dedicated member of staff who is ready available should you require any assistance or have any questions throughout the term of your tenancy
- At the end of a tenancy we endeavour to return your deposit within 14 days

- Residential Land are members of the British Property Federation and of the Housing Ombudsman Service showing a support for the industry and the future of the private rental sector
- Residential Land has individual staff whom are members of professional organisations such as MARLA, ARLA & RICS

Benefits of an on-site porter

In 19th century London there was a flurry of housebuilding, with many mansion blocks erected in prime areas such as Mayfair, Regent’s Park, Kensington, Marylebone, Maida Vale, St John’s Wood, Belsize Park, Battersea, Fulham and Chiswick.

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These red brick constructions from the Victorian and Edwardian periods usually featured a reception that was manned by a porter.

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Call Off Duty: help stamp it out

Residential Land’s CEO & founder, Bruce Ritchie was mentioned in Property Week about stamp duty land tax.

property-week-logo-660x284Property Week is calling on chancellor Philip Hammond to reverse damaging reforms to stamp duty land tax (SDLT) made by George Osborne.
Hammond sparked anger across the residential sector last week when he swerved any mention of the controversial changes to stamp duty in his Autumn Statement.

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Now, Property Week is urging the industry to back our campaign, Call Off Duty, and help us convince Hammond to rethink the punitive regime ahead of his next Budget in March.

Top names from across the residential sector, including Berkeley, Residential Land, L&G, Mount Anvil and McCarthy & Stone, have already thrown their weight behind Call Off Duty.

“Government has to create the conditions for growth and give the industry certainty to invest. Stamp duty has the opposite effect,” said Berkeley Group chief executive Rob Perrins. “It destroys the feelgood factor and means that fewer homes get built. Everyone knows the recent changes are not working and we welcome this campaign and a good debate about how to set it right.”

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Property Week article

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Resi Land’s Bruce Ritchie is backing Call Off Duty – find out how to join him here
Osborne’s decision to raise stamp duty at the top end of the market has made the UK one of the most heavily taxed property markets in the world, added Residential Land chief executive Bruce Ritchie.

“[The changes] were introduced without industry consultation, without knowing Brexit was going to occur and without having a manifesto remit. It is important that Property Week’s campaign expresses and exposes the unintended consequences of this wealth tax and the harm it brings,” he said.

SDLT receipts ‘much weaker than expected’
Other leading industry figures point out that it has not even boosted the Treasury coffers, citing last week’s Office for Budget Responsibility research showing SDLT receipts this year had been “much weaker than expected”.

As well as calling on Hammond to rethink the thresholds for stamp duty and levels it should be set at, we will be urging him to drop the 3% surcharge on additional homes for large-scale investors on the grounds that it is stifling the burgeoning build-to-rent (BTR) sector. Scrapping SDLT for large BTR investors would make marginal schemes viable again, boosting the number of homes built, said Dan Batterton, the head of L&G’s BTR team.

Please find the link to the full article on Property Week here.

Residential Land buys Luke House

Residential Land featured in Property Week about the recent purchase of Luke House, 3 Abbey Orchard Street, London, SW1P 2JJ

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Residential Land and joint venture partner Ivanhoé Cambridge have acquired a £60m office and residential building in Westminster.

The seven-storey building at 3-4 Abbey Orchard Street was acquired at a yield of 4.4%.

Luke House, Westminster

Known as Luke House, the 80,000 sq ft property is home to a number of government offices as well as 30 residential apartments let on assured shorthold tenancies.

Additional floors could potentially be added to the building to increase the volume of residential space or to accommodate a serviced apartment offering.

It could also be converted to offices were the apartments to become vacant.

“This off-market purchase forms part of our underlying strategy to invest in acquisitions where we see the opportunity to generate growth from enhancement and redevelopment,” said Bruce Ritchie, chief executive of Residential Land.

Please find the link to the article in Prperty Week here: http://www.propertyweek.com/news/residential-land-buys-luke-house/5086568.article