VIEWS 17
VIEW POINT
Russell Pedley of Assael Architecture looks at how the humble beginnings of build- to-rent has led to a new design sector and an investor’s dream, but also challenges for project teams from out-of-date standards
Blackhorse Mills, a build-to-rent scheme in London by Assael Architecture T
he history of build-to-rent (BTR) in the UK – conceived just over a decade ago – has been a story of
steady growth. Carried over from the US, the early days of BTR in the UK were about demonstrating how it is different from other residential stock. As more and more successful schemes are delivered, it has become increasingly obvious that there is a genuine renting alternative to private landlords or potentially dodgy old-school agents. Proving its potential, the last quarter of 2021 saw over £1.4bn worth of deals in the UK build-to-rent sector, pushing year-end investment volumes to a record £4.3bn,
ADF MARCH 2022
according to Knight Frank research. With a total pipeline at 230,000 units currently, the growth of BTR – across both multi and single-family housing – continues to drive investor interest.
The early days of BTR were about establishing a new asset class that appealed to investors through various initiatives such as the Government’s PRS taskforce to the Urban Land Institute UK Residential Councils’ Build to Rent: a best practice guide, considered by many to be a ‘bible’ for the industry. Now it appears we have transitioned into the era of the amenity arms race. Investors have come to realise that it is in their interest to invest in
those amenities, kick-start a community, and entice residents to stay for the long term. While this can go on to attract developers to build more homes, it’s the regeneration aspects, creating desirable and professionally managed places to live, work and play, that add value.
The design priorities of BTR are based around creating and fostering a sense of community – this is usually based on amenities, but the customer service levels, and ease of operations are also crucial. The ultimate design goal is creating a place to live, where residents feel they are renting the whole building – not just their apartment – and that their building is
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