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: It appears that the BtR sector has continued its openness in information sharing to an extent that we haven’t witnessed in other UK property sectors. Why do you think this is and how do we ensure this ethos continues?
AM: The BtR market in the UK is still in its infancy; it’s a small market and the key investors, developers and operators all know each other.
There are regular formal and informal catch-ups taking place across the industry, which is helping to share best practice and information.
The pandemic has had an effect here too. The UK Apartment Association encouraged a collaborative and supportive approach throughout this challenging period, including weekly (and latterly monthly) calls to update and share advice with each other. It was great to see so much support and information sharing across the sector.
Going forward, we need to ensure there are ways for new people that enter the market to network with each other and get to know each other, so they can continue sharing best practice.
Q: What is the USP your management guarantees your tenants? And, how do you ensure the message is endorsed through the business?
AM: Vertus prides itself in delivering high-quality services and state-of-the-art amenities to its residents. Our developments benefit from 24/7 concierge services; there is a dedicated events programme to help foster a sense of community, as well as an on-site maintenance team to ensure the smooth running of every development in our portfolio.
Community facilities play a key role in our service offering. Our latest development Newfoundland offers an extensive programme of social events, creating a strong sense of community amongst its residents.
With a tastefully designed lounge and a games room, the community spaces also include a large, west-facing terrace, BBQ and two children’s play areas, a 24/7 gym space and co-working areas with high-speed internet.
Residents can book private spaces, enjoy exclusive offers from local partners, join or start clubs, contact concierge, request maintenance assistance and keep up to date with upcoming events through a dedicated Club Vertus app.
Q: Technology within developments and the proptech sector as a whole are growing at an exponential rate. In your opinion, if you had to split the technology requirements within a development into the following 3 sections, what technology / features would you place into each section?
– The bare minimum a BtR should have in 2022
– The current market/business expectation
– The current best in class / tier one developments
AM: I think the bare minimum has to be ensuring that high speed broadband is included within the offer for any customer – people should not be paying for this or have a slow internet connection.
In terms of current expectations, we’re seeing fob access control and monitoring of resident movements around a building becoming increasingly normal. Residents also expect to have a well-designed mobile app. These apps need to drive a sense of community by sharing building news and events, whilst also providing a seamless connection to management and resident teams.
When it comes to best in class, we’re seeing impressive technology that can measure air and light quality in different areas of a building, producing data that can be fed back in real time to allow for quick adjustments.
Q: BtR management has the potential to be an outstanding career choice. How do you think we can educate the right people with the right message on the benefits of being a part of this sector?
– Who are the right people?
– What is the message?
– How do management companies retain them?
AM: BtR as a sector is not confined to specific people or specific qualifications – the common requirement should be finding people who enjoy working with other people. I always say to my team that in our roles, we are delivering somewhere to live for other people. And we’re trying to make that the best possible experience for them.
Across Vertus, we have people joining us from all kinds of sectors – from hospitality to digital media – and as long as you are someone who wants to provide the best experience to others, then it doesn’t matter.
In return, colleagues will find that the sector can be really rewarding. People are always looking for somewhere to live, so we’re always nice and busy! Knowing that our residents come home and enjoy their experience is important to all of us.
Making sure these people stay in the industry is naturally down to having a good team ethos that makes it clear we’re all delivering a great resident experience together. A sense of camaraderie is crucial, and it’s also about rewarding and looking after colleagues, not just financially. We always make sure staff are taking holidays away from work and provide them with social experiences to help them bond with colleagues.
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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