Welcome back to the UK Build to Rent Q&A series. Join us this week as we share our investment focused Q&A with Alastair Mullens, Managing Director of Vertus at Canary Wharf Group
Vertus is part of the Canary Wharf Group. Over the last 30 years the Group has serviced the world’s blue-chip corporate and retail tenants whilst undertaking the design, construction and management of the ever-growing Estate.
Canary Wharf Group has built this reputation by providing exceptional service through estate management, building management, public space management and security.
Canary Wharf’s new neighbourhood, Wood Wharf, will provide up to 3,600 new homes, 2m sq ft of office space, 350,000 sq ft of retail and leisure space and over nine acres of public spaces, squares and parks.
There will also be a GP surgery and a two-form primary school for 420 children.
Vertus manages all aspects of the build-to-rent developments on the Estate. The Vertus portfolio currently consists of three buildings, 10 George Street, 8 Water Street and Newfoundland, totalling 1,137 build-to-rent residential apartments.
Vertus manages the residential leasing and management of the buildings and the individual apartments. Vertus is dedicated to meeting the needs of its customers and residents by providing a superlative service, 24 hours a day and 365 days per year.
About
Alastair joined Canary Wharf Group in 2018, to establish the Canary Wharf Group’s (CWG) Build-to-Rent platform, Vertus. He is currently overseeing the delivery of three seed assets totalling 1,137 units, all based on the Canary Wharf Estate. The first new residential tenants moved in in February 2020. He is now working closely with CWG’s development team to design and envision the future phases of private rental product for the Estate. Over the last twelve years Alastair has gained a broad experience of the UK residential property market; initially in Residential Management before moving into Residential Development and then centering on the emerging Build-to-Rent market.
He spent 9 years with Hamptons International & Countrywide Group based in London and Hong Kong. In 2015 he returned from Asia to focus on Build-to-Rent lease-up delivery for various clients across London. His final role at Countrywide was as National Director of Corporate PRS & Build to Rent, during this time he oversaw the delivery of the group’s operational management platform. This included the delivery of two Build-to-Rent assets in the north-west totalling 488 units for the Vista fund, The Cargo Building in Liverpool and Pomona Wharf in Manchester.
Q: Mental health and wellbeing is such an important part of everyone’s day-to-day existence. How are your developments contributing to creating a positive environment for your tenants?
AM: We strive to provide residents with amenities or services that positively impact their physical and mental health. For example, our BtR developments Newfoundland and 10 George Street offer 24/7 gym spaces designed to encourage active lifestyles.
Developments with built-in wellness facilities often attract time-poor individuals and those looking to make positive changes to their lifestyles – sticking to a regular exercise routine is a lot easier when you don’t need to travel to the nearest gym.
Having exclusive access to facilities has been a decisive factor for many, especially, since the outbreak of the pandemic.
Q: With the plethora of sustainable strategies available in 2022, from waste reduction to CO2 off setting and energy use reduction… What do you feel should be the minimum sustainable target for a BtR development? And what would a completely green development encompass?
AM: The minimum target should be ensuring all of the development’s energy comes from renewable sources, of which ours do. We must actively encourage residents to recycle as much as possible, and that means making sure they have an easy way to do that. Often this means working closely with the local authority to agree the best waste removal strategy.
As for a completely green development… we’re probably talking about a visibly green building – with green walls and green roofs – and renewable energy throughout. But I think the industry is still some way off that vision.
Q: Developments face different viability challenges due to the ever-increasing high construction costs. How does that shape the kind of schemes you will deliver? (Such as size /amenity /unit numbers).
AM: Vertus delivers a premium product and despite the rising construction costs and ongoing supply-chain challenges, we will remain committed to providing residents with best-in-class-experience. We have a robust supply chain network, which includes a range of local businesses among other partners and that helps us mitigate any serious disruption caused by the market swings.
Q: What are your priorities for the next twelve months?
AM: We’re gearing up for the launch of the UK’s highest BtR apartments at Newfoundland, having just unveiled nine apartments on the 35th floor of 10 George Street.
The Vertus team is very excited about the upcoming launches of several new restaurants on the estate, which include MMY Wood Wharf by Mercato Metropolitano, which will occupy two levels of 10 George Street.
We look forward to hosting the Summer Lights festival on the Estate in June after the success of our 2021 event – it’s a great opportunity to raise awareness of Canary Wharf as a leading destination to enjoy art and cutting-edge design.
We can’t wait for the Elizabeth line to open later this year. Canary Wharf already enjoys enviable transport links with underground, DLR and boat services available, but the arrival of this new line will create a new link with west London, with services to Paddington in just over 15 minutes.
A Big Thank You… to Alastair Mullens for taking the time to respond.
If you have any other questions regarding this interview, you can reach out to Vertus at Canary Wharf Group here.
Our content calendar has enough free space for one or two more contributors to this series. If you feel you would offer value and have experience in build to rent investment, design, management or ESG – contact us here.
Thank you for reading.
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