About Pioneer Point:
- Property name – Pioneer Point
- Location – Ilford
- Number of units – 294
- Date opened – Q4 2012 (North Tower) Q1 2017 (South Tower)
- Planning consent – C3 with license for short lets
- Owner – Kennedy Wilson
Pioneer Point in Ilford was originally built for sale, but the changes in market conditions meant that operating it as a Build-to-Rent property would drive best possible returns.
In 2012, the owner approached us for our expertise in adding value and our extensive operational experience in the corporate market. We advised on the Furniture, Fixtures & Equipment (FF&E) layout during the final stages of development to ensure that the property would ideally suit the target market. We delivered an extensive advertising campaign throughout key transport hubs in Ilford, Liverpool Street and Stratford to gain maximum exposure for the building.
Our competition in the Metro to win a year’s free rent generated thousands of interested applicants and injected some fun into the letting process. We also optimised the traditional routes such as Right Move and Zoopla. The building was promoted extensively to potential corporate users including; Accenture, PWC, Cognizant, JP Morgan, Deutsche Bank and Ford.
A key aspect of our marketing was a field trip to Mumbai and Bangalore to promote the building to the top outsourcing organisations for the Indian IT marketplace.
This integrated marketing approach resulted in the North Tower being 85% let within three months of launch.
The owners of Pioneer Point went into administration from 2013-2016 and we were retained as the operator by the administrators, Grant Thornton, upon a successful RFP process. In 2016, Kennedy Wilson acquired the asset and due to our extensive knowledge of the building and our successful financial performance, we were retained as the operator.
We delivered a return to Kennedy Wilson that is between 10-15% ahead of a pure Build-to-Rent style operation. We handed over the operations in 2017.
Take a look at other properties within our Build to Rent portfolio.