Developer Avanton has launched its first 20 build-to-rent apartments in London, heralding a major expansion that will see it build hundreds more across the capital.
The luxury furnished two-bedroom apartments at the 23-storey Coda block in Battersea are being sold under Avanton’s A:Living brand, with prices from £650 to £1,000 per week, where tenants get a private residents’ club lounge, concierge, and state-of-the-art fitness studio.
Avanton says the build-to-rent sector is rapidly growing across the capital and last year committed to a three-year expansion into the sector, seeking land and strategic opportunities to deliver high-quality purpose-built stock.
The firm now has several key pipeline projects alongside a £500 million fund for strategic land acquisitions, including the £730 million Ruby Triangle project on Old Kent Road in Southwark, to provide 1,414 new homes, half of which will be build-to-rent.
According to global real estate advisor CBRE, investors ploughed £4.1 billion into build-to-rent last year, £500m more than 2020’s previous record, while almost £2 billion worth of deals are already in the pipeline for this year.
A recent report also revealed that the sector is no longer the preserve of affluent young professionals living in cities, but is increasingly popular with older people and families who are leaving the PRS to set up home in the new blocks.
David Ronson (pictured), Avanton’s sales and marketing director, adds that its Coda launch offers a new option for Londoners.
“A:Living will provide exceptional homes with stylish interiors curated by highly regarded designers,” says Ronson.
“Build-to-rent homes provide a solution to help with the capital’s housing shortage, and these multiple tenure schemes offer tenants a sought-after lifestyle at competitive prices.”