London Rental Standard - download

London Rental Standard Being Discontinued

The Greater London Authority has taken the decision to discontinue the London Rental  Standard (LRS), an accreditation that LuxuryDigs was a party to.

Communication from the Mayor of London office states:

“Although many letting agents became accredited to the LRS, these agents were predominantly already affiliated to professional bodies suggesting the scheme had minimal impact in raising standards amongst the worst letting agents and landlords.  As a result the current administration feels that there would be limited value in continuing to dedicate scarce GLA resources to this project.”

It has been sighted that lack of consumer awareness and understanding of the scheme, along with its voluntary nature limited this accreditation from taking off.

Sanjeev Patel, Managing Director of LuxuryDigs states “We are sad to see this voluntary accreditation which signaled high standards disappear but we’d like our clients to know that LuxuryDigs remains a member of ARLA Propertymark and also the Property Redress Scheme.”

 

Welcome to Miller Loft Apartments, Peckham

Sanjeev Patel, Managing Director of PPP Capital says “We are delighted with how our new project in Peckham has turned out.  In conjunction with our sister company, GroupSP, we have designed and built trendy & highly desirable apartments for the private rental sector (PRS), and more specifically our target market of twenty and thirty something residents looking for design led, highly specified, efficient and connected homes.”

He further adds “We are investing in the long term re-invigoration of Peckham, where creative retail space enhances the quality of residential life in the area, while at the same time generating returns for our investors.  We have named the development Miller Loft Apartments, in respect of the bakery which previously stood at the same site.”

“Please see below images of our typical studio 1 bed units, providing 400 square feet of quality accommodation, with separate sleeping areas, fully specified kitchens with washer dryers and dishwashers, all by Bosch, trendy furniture and WiFi controlled heating systems.  And as with all our properties, they are rented ready to move in with a complimentary set of luxurious, new, white bedding.”

 

These properties are also being marketed by two leading local estate agencies, Hunters and Davis & Gibbs.

We are thrilled that several of the properties have rented even before they were completed.

 

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Peckham – the place to be

We’ve been saying for a while now that Peckham is the place to be, and we’re delighted to hear that it is the part of London with the highest proportion of sales to first time buyers – now less than 57%!

It is not just first time buyers who are flocking to this popular part of town, but also renters who want to be near fashionable bars like the Frank’s Cafe on the rooftop of the multi-storey car park or other great places that we like such as John The Unicorn, Peckham Refreshment Rooms and the new Baba cafe serving the most unusual and delicious juices & snacks.

Sanjeev Patel, Managing Director of PPP Capital spoke to us and said “We are seeing more investment in quality retail and residential product in the area than ever before.  We are delighted that our fund is financing a development of shops and private rental sector apartments along Rye Lane which we are sure will fly out of door when formally launched. And our retail letting agents, SGP, are already receiving interest from so many different types of creative retail users.  This investment will generate excellent returns for our investors.”

We will keep you updated as this project is launched.

Come to Peckham and see for yourself what all the fuss is about!

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We’re almost done

We’ve nearly finished building our new development on Rye Lane in Peckham, London, SE15.

After a year of construction, we’re almost ready.  We will shortly have available a selection of studios, 1 beds and 2 bed apartments for the private rental sector in this rapidly changing & trendy part of London.

We have also had tremendous retail interest and will shortly be able to advise who our new tenant will be.  What we can say at this point though is that it will be a creative use of the space and something that will add value to the cultural fabric of the area.

Please stay tuned for further updates.

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Buy-To-Let boom results in neglected gardens

The Buy-To-Let boom is causing more gardens to be neglected.

Residential tenants are typically not interested in maintaining any gardens in properties that they rent.  Maintaining a garden is expensive and doesn’t financially benefit a tenant that may only be in a property for a short time, so the garden typically is neglected, often at the expense of the landlord.

The Royal Horticultural Society thinks reckons that one third of gardens now don’t have anything growing in them and that three times as many gardens have been paved over compared with 10 years ago.

 

John the Unicorn – coming to Rye Lane, Peckam

We are delighted to learn that “John the Unicorn” will be coming to Rye Lane, Peckham.

We had seen the signs about a lost unicorn – which we hadn’t spotted, but now we know where to see him!

John the Unicorn will be a trendy bar, restaurant and lounging area with a great range of beers from various microbreweries in South East London.

We are delighted it will be on the next block to us, further improving the amenities for the tenants in our forthcoming Rye Lane development.

We look forward to meeting John later this year!

 

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Work continues on our Peckham Project

We are delighted that work continues to progress at our Rye Lane, Peckham project.

The external walls and the building’s steel frame are now going up and the hopefully, if the weather holds, it will continue going up, but even faster.

We are delighted that we will have contemporary 1 & 2 bed apartments for the private rental sector situated right on Rye Lane, less than 5 minutes walk from the station, and near all the great shops & bars of this vibrant & cool part of London.

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First Time Buyer activity has increased

Activity in the property market from First Time Buyers (FTBs) has increased over the past few months.

This is great news for all that own property or wish to as it shows there is confidence in the economy as FTBs are typically cautious buyers.

We think FTB activity has increased because of Government schemes like Help-to-Buy, the low inflation environment and the fact that interest rates are forecast to start rising again in in 2016 so cheap finance is still available.

This is coupled with a market that features lower levels of stock than usual.  This can partly be explained by home-owners wishing to improve their current homes rather than buy larger ones as the stamp duty costs are now a bigger consideration than ever before.

Let’s hope 2016 is another year of increasing confidence.

Our Peckham project is well underway now

Work is progressing on our new Rye Lane, Peckham development.

You can see from the attached photo how the old building has been demolished and the steelwork is now being installed.

The building will now rapidly take shape over the next few months.

We will keep you updated about this exciting retail-resi mixed-use project in the heart of fashionable Rye Lane.

By next summer, this will be another project we are developing for PRS, the Private Rental Sector.

Stay in touch for further updates.

 

 

 

 

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