December 17,2010 – As winter temperatures plummet, lettings at Lanterns Court are red hot as rental demand soars for apartments at the new Canary Wharf development.
Here at Benham and Reeves Residential Lettings, we’re seeing enquiries flood in from tenants and our Canary Wharf office let our
first two apartments there within just 24 hours of receiving instruction.
The first one bed apartment was furnished (by Benham and Reeves Lettings’ sister company In:Style Direct) and let with six months’ rent paid in advance.
to an architect for £335 per week and the second one bed apartment was let to a student for £350 per week (also paying 6 months rent upfront) – achieving 16% more than
other agents have been asking at the development.
“This is a great result for our client,” reports Anita Mehra, Managing Director at Benham and Reeves Lettings. “Although I’m not surprised at the level of demand.
There’s a huge shortage of good rental stock across London at the moment, with around eight applicants for every rental property. And Canary Wharf is still one of the
capital’s growing rental hotspots, with demand outstripping supply.”
“Lanterns Court’s location is hard to beat. It’s next to the incredibly popular Pan Peninsula building and, with stock there now drying up, corporate tenants are keen
to find a home as close to this location as possible.”
“We have a number of overseas clients, particularly from Hong Kong and Singapore, who have purchased apartments at Lanterns Court and this is excellent news for them.”
continues Anita. “With a typical purchase price of around £250,000 for a Studio, landlords are looking at a gross rental yield of around 7.2%, a fantastic return for
this type of prime London location.”
“Many would-be first-time buyers are still finding that they cannot obtain a mortgage, so demand for all types of rental property looks set to remain strong – the
number of tenants looking for a property to rent is twice as high as in 2007 and, in fact, has reached an eight-year high. And this shortage of stock has resulted in
a 13.3% rise in rents since January, with experts predicting at least a further 5% increase in 2011.”
“When a swathe of new apartments come on stream at the same time, most landlords recognise that it pays to make sure that a property stands out. Furnished apartments
let more quickly and also tend to achieve a higher rental, with corporate tenants in particular preferring an apartment that they can move straight into.”
“With this in mind, we instructed furnishing specialist In:Style Direct, who furnished one of the apartments with stylish, contemporary furnishings and accessories,
creating a modern and sophisticated interior designed to appeal to a professional, corporate tenant. Of course, we were delighted that the apartment let immediately –
but this isn’t unusual for In:Style Direct – over 85% of the apartments they furnish are let within 48 hours.”
For more information on rental properties in Canary Wharf, contact Lisa-Jane Stratton at Benham and Reeves Residential Lettings’ Canary Wharf office on 020 7038 8057
or email canarywharf@brlets.co.uk or visit www.brlets.co.uk
Press enquiries:
Tracie Lack
Tel: 020 7433 6670
brmarketing@brlets.co.uk
Editor’s notes:
With ten offices in the prime residential areas of London (and overseas offices in Singapore, Hong Kong,Dubai, Delhi and Mumbai), Benham and Reeves Residential
Lettings is recognised as one of London’s largest specialist lettings-only agencies. Established in 1956 in Hampstead, they are also one of the only
London lettings agents to offer an interior design, refurbishment and furnishing service for investment properties through their
subsidiary In:Style Direct.
