About Stamford Street:
- Property name – Stamford Street
- Location – Stamford Street, SE1 central London
- Number of units – 59
- Date opened – 2016
- Planning consent – C3
- Owner – Dorrington PLC
In July 2016 we were awarded the management contract for Stamford Street for 3 years – a residential scheme of 59 apartments near Southbank.
The development has had similar furnishings for the last 8 years which had been inherited from the previous owners. Our view was that the tired appearance and basic furniture pack furnishings were suppressing the achieved rents in a highly competitive area. We have worked with the current owner to start a programme of not only structural changes with the reception and entrance hall but with a rolling programme of updating the furnishings within the apartments.
Our knowledge of internal layouts and optimisation of communal areas has been invaluable in helping create the right specification in keeping with the style of the development. We were given the mandate by the owner to run a furnishing RFP to select a provider that could deliver a contemporary style in keeping with other developments in the area and drive a higher return. We wrote the scope, invited tenders from three providers and negotiated a furnishing package that delivered a full FF&E specification within the budget provided.
Three months prior to launch, we recruited a hospitality expert with experience in delivering high-quality hotel service. The General Manager then led the recruitment of her team and helped train the existing concierge team, night management and security staff. This was coupled with the leasing and maintenance expertise of other members of the Native team.
Stamford Street has been run on an AST basis for the last seven years. Our ability to mix our tenure creates optimal revenue income. We have introduced a serviced corporate lets alongside traditional AST’s and company lets. This has been managed by our bespoke revenue management system which gives us the capability to manage our yielding of the building in terms of optimisation of occupancy and rental levels.
The building was mobilised two weeks prior to the launch date. With the building due to open with 85% of units occupied with existing AST lets. A high corporate tenant base made it imperative to Native’s reputation that the building was launched successfully with minimal interruption to early tenants.
Stamford Street was 80% occupied when Native took over the building. Our pre-letting strategy ensured that we were able to manage the existing void apartments quickly and ensure that they were let to our Key Accounts and Corporate databases including the Financial Times, KPMG, Logica and PWC. The introduction of our corporate tenant mix ensured that NOI was 10% higher than previously would have been achieved on an exclusive long let basis.
The building has now been operational for over 3 years and continues to be in an excellent state of repair. There is an ongoing programme of maintenance, the cost of which is dispersed through the operational P&L with the programme approved and budgeted at the beginning of each accounting year.
Take a look at other properties within our Build to Rent portfolio.