First the troubled John Lewis Partnership announced plans to create Build To Rent properties around or on top of Waitrose stories; Lloyds Bank is also in the Build To Rent sector; and now Tesco has jumped on the bandwagon.
It has emerged that Tesco is to work with developer Astir on what is being described as an “innovative” BTR scheme in the south London suburb of Lewisham.
“We are delighted to be working with Tesco to bring forward these exciting proposals to deliver much-needed new housing for rent in Lewisham, grounded in our focus on exemplar place making and sustainability. The redevelopment proposals will continue the successful regeneration of Lewisham town centre and we look forward to working with the London Borough of Lewisham to bring this exciting development forward” says Travis Crawford, a partner in Astir.
The four acre site in Lewisham will host Astir’s residential and mixed-use developments with a Tesco store.
“We are excited to be working with Astir to deliver a new vision for our Lewisham superstore and look forward to serving customers locally for many years to come” claims Tesco’s property acquisitions director, Marcus Vinnicombe.
Tesco is known to be working with high end agency and consultancy Savills on projects including this Lewisham scheme.
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I wonder if John Lewis or Tesco will be interested in my average, and in high demand buy to lets in small town N Wales after the government and Rent Smart Wales have driven me out?
There is good money to be made from those we are evicting to sell 💵💵. God help those to follow and try and find somewhere to rent.
So more shoe boxes in the sky at sky high rents, don't think we have anything to worry about here
Managers who can't hack it, looking for a bolt hole to keep the money flowing
So now Tesco join’s the bandwagon like John Lewis, M&S, Barclay Bank, Avivia, Lloyds Bank, Legal & General, London & Quadrant, Grainger around a good while but now extra vigour to B 2 R 3’000 New Flats near 8 Tube Stations, Simply New Homes, Get Living B2R, Fizzy living B2R, many more and Landlords still oblivious to the fact we are targeted and deliberately being driven out by Regulation & Legislation. Total Discrimination and Corruption at the highest level and you still don’t smell the Coffee. We are being replaced and Section 21 retained for them by any other name we are not allowed to operate it’s derision a scam.
I wonder if investing in this Build to rent malarkey is the way forward once I've sold my portfolio? Or if it's even possible to invest in it as an individual? Might be less hassle and more tax efficient?
Might be possible through some sort of REIT.
I think this, along with the new purpose built student ghettos, will prove to be the new timeshare-type fiasco if normal investors are tempted to invest directly in the BTR sector - no control over expenditure on maintenance or repairs, no control over setting rents or recovering bad debt, diluted benefit from capital growth through higher costs, written off bad debt and lower net realisable income etc.
However, on the other hand, if the big boys, who have the ear of those in power, begin to suffer themselves from unrecoverable bad debt, properties trashed by rogue tenants that they can't get rid of, then perhaps the problems that small landlords have experienced - and have warned the government are about to get worse - will be sorted by sensible legislation once the big boys begin to suffer too?
Another potential benefit is that the big purpose built shoe boxes in the sky will push up market rents and allow rents in normal rental properties to grow faster than they would otherwise?
Student landlords already have seen this benefit when first year students, desperate to get out of the student ghettos into normal flats for subsequent years, are prepared to continue to pay sky high rents for normal flats nearer the Universities and among the amenities they need (or work in part time) - pubs, discos, take-away or sit-in fast food outlets, perhaps even the occasional nearby food shop selling "raw" food other than pot noodles?
I had thought of this, there is clearly profit to be had or all the others wouldn’t have signed up.
I'm with Robert on this one. The high rise student ghettos down here in Bournemouth are crazy expensive, and the older ones (15 years?) are already very tired and failing. A few years ago, a lot of the accomodation was being flogged off as student pods - after the first few years, investors are now being badly stung by rising maintenance costs, admin costs etc and many are trying to bail out. Stay freehold and own your own destiny
Like the but- However, on the other hand,……
The BTR will be high-end and won't fit - be appropriate for a large proportion of renters. But on an ecological perspective, Land is ' finite ' and making the most of the 'footprint ' is essential.
So many Commercial buildings now have Underground parking, ground floor commercial and residential flats above.
Robert, I wonder if they sorted the problems out for the big boys would it also apply to the small boys...I'm sure they would have no problem making rules and legislation that favour the big boys but don't apply to us mere mortals...it will be interesting to see how it all turns out but meanwhile, I'm still selling up most if not all of my portfolio
It will be interesting to see how the planned legal action into the SNP continued victimisation of the PRS whilst letting Social Housing put up rents pans out?
That could prove a template for future performance although it's worth remembering that the purpose built student ghettos can still impose fixed term tenancies in contrast to the student Landlords in the PRS in Scotland.
Yes Shane. They will eventually be working under a different contract to what we can offer. They will get the original AST whilst we get forced to AT!!
Every little helps
Destroy the prs
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