Click hereNTT Urban Development Corporation (Head office: Chiyoda-ku, Tokyo; President and CEO: Hiroshi Tsujigami) is pleased to announce that, through its UK subsidiary (NTT UD Europe Ltd.), it has participated in a large-scale residential renovation and development project (property name: "The Rex") in Kingston, London, UK.
This project marks our first residential development project in the UK. It involves converting an existing four-story student dormitory into a nine-story, one-basement rental residence. Construction is scheduled to begin in the first half of fiscal 2023 and be completed in the second half of fiscal 2025.
Kingston, where the property is located, is highly conveniently located approximately 20km (approximately 40 minutes by train) from the City/West End in central London and approximately 11km (approximately 30 minutes by bus) from Heathrow Airport. It is also a popular residential area with many convenient facilities and a good living environment. Furthermore, the area has seen active redevelopment in recent years, and further development is expected. Given these location characteristics, demand is expected from single people commuting to central London and students.
This property is a "coliving" rental property that not only offers private one-room spaces where you can cherish your privacy, but also features a community space (lounge, terrace, etc.) where you can feel connected to others, as well as a well-equipped common area such as a co-working space. Coliving is a new housing style that has seen a rapid increase in demand in recent years due to changes in lifestyles.
In addition to receiving the highest rating in WiredScore*1, an index of a building's internet connection environment, the building is also aiming to receive the highest ratings in BREEAM*2, an environmental performance (sustainability) index, and Fitwel*3, an index that evaluates the health of residents, making it a pioneering initiative from the perspectives of ESG and wellness. If it receives BREEAM's highest rating of Outstanding, it is expected to be the first rental property in the UK*4.
- *1WiredScore: An index that evaluates the Internet connection environment on a five-point scale from Under Certification to Platinum, with Platinum being the highest rating.
- *2BREEAM: An index that evaluates the environmental performance (sustainability) of buildings on a five-point scale from Pass to Outstanding, with Outstanding being the highest rating.
- *3Fitwel: An index that evaluates the health of people using a building on a scale of 1 to 3, with 3 being the highest rating.
- *4Based on our own research, as of May 2023
This project marks our first joint venture with Amro Real Estate Partners, a leading developer and operator of residential properties in Europe, including the UK. We will continue to work to expand and diversify our portfolio in the UK, further strengthening our business foundation.
<Overview of Amro Real Estate Partners>
Founded in 2010, the company is a developer and real estate operator that operates student dormitories and rental housing in the UK and other parts of Europe. It has declared its intention to achieve Net Zero Carbon by 2025 and is committed to building one of Europe's leading residential portfolios from an ESG perspective.
■Property overview
| Property name | The Rex |
|---|---|
| Property location | 183Clarence Street, Kingston upon Thames, London |
| hierarchy | 9 floors above ground, 1 floor below ground |
| Units | 210 rooms |
| Rental area | 84,219sqf (approx. 7,824㎡) |
| Use | Rental housing (co-living rental) |
| Completion (planned) | FY2025 |
■Wide area map
■Area map
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