Page 140 - planet_rent

10.8 Rent drivers: common parts fit out considerations
Currently there is a shortage of completed developments to provide sufficient data for deep analysis
and many early schemes were little more than general needs housing which have become ‘fully rented
blocks of flats’ rather than ‘design concept led serviced communities’. Some have not had all facilities
operational before getting tenant(s) in with a ‘fill up, then increase rents strategy’, so consequently rent
differentiation surges are hard to prove. In our opinion there are rewards to be gleaned from getting it
right in the first place. Grainger have proved circa 15% rent premiums at Abbeville Apartments in
Barking. A development in Kings Cross/Bloomsbury has proved premium rents of 30% above market;
the flats are small, the fittings are luxury, but most noticeable is the art and boutique hotel feel of the
communal areas with great attention to details such as:
 over sized apartment front doors,
 front door handles that run 1/3 of the height of the door,
 luxury numbering to apartment front doors (lit also),
 key guard & door pull furniture,
 lighting around apartment entrances,
 over sized and curvature of front door architraves,
 full wall panelling,
 disguised service cupboards,
 covered common parts electrical sockets,
 textured covered doors to wardrobes,
 fully tiled full wet room bathrooms,
 back lit bathroom mirrors,
 kitchen islands screening kitchens from living room areas,
 warm shades of grey modern paint schemes,
 24 hour security,
 Fully panelled and mirrored entrance area,
 oversize doors and easy to use bin-store,
 CCTV & secure dry waiting area outside main door.

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