About Dalston Works:
- Property Name – Dalston Works
- Location – Martel Place, Dalston, London E8 2FQ
- Number of units – 102
- Date opened – August 2017
- Planning Consent – C3 PRS
- Owner – Private owner
Our latest PRS block to launch in London is this 102 unit development in up-and-coming Dalston. By the time of our appointment in 2017 the scheme was nearing practical completion, however, we worked with the owner to further enhance the scheme to ensure they built the optimal rental product that would be equally popular with tenants and with our own corporate guests.
We were given the mandate to run an FF&E tender process for the building. Following our extensive research to understand where Dalston Works sat within its local competitor set, we had a strong vision for what the end product should look like to drive premium rents. We also knew that with the right offering we could generate corporate demand for the building which in turn would further drive the return for the owner. We wrote the scope, invited tenders from 4 providers and negotiated a bespoke furnishing package that has since enabled us to achieve premium rents from both the long let and corporate market.
Prior to launch we recruited an experienced General Manager who had previously worked on a PRS scheme in East London. They then led the recruitment process alongside our central HR team to recruit the on-site operations, lettings, estates and night management team. The team were hired prior to launch to enable them to undergo full training within our business at other similar operational assets. Our aim is to provide our residents with exemplary service often found in the hospitality sector, in a more light touch manner.
We took over management of the building in June 2017. We oversaw the snagging process and worked with the contractors to complete the process on time for launch. We negotiated the contracts and installed all utilities to the building and fully mobilised the building including brand development, website creation, PR & advertising, corporate launch events and press campaign. Our trained on-site team, with assistance from our lettings lease-up team, were then able to successfully launch the building in August 2017.
We developed a client approved sales, lettings and marketing strategy and as a result, within 6 weeks Dalston Works was 70% let. This was achieved through local marketing to attract AST residents as well as housing our corporate clients in the building, when appropriate. PWC has since housed their graduate scheme in the building. This has enabled the asset to rapidly stabilise, while enhancing the return to the owner.
To find out more about Dalston Works visit Dalston-works.co.uk.
Take a look at other properties within our Build to Rent portfolio.