Circus Street, Brighton (Build to Rent)
M&G Real Estate
Circus Street, Brighton is a 142-apartment build to rent (BTR) scheme in central Brighton comprises four residential blocks with associated retail units and workshops. The wider development site is also shared with student and office accommodation, as well as a dance studio.
On behalf of our Investor Client, who is purchasing the asset upon completion, TFT was appointed to act as Project Monitor of the scheme. Due to the requirement for Client input into the specification, we have also acted as Investor’s Representative. The BTR element will be retained and operated by the Investor so TFT acknowledged the uniqueness of our Client’s interest. In our role as Project Monitor, we focussed not only on the quality of the base build, but also on the suitability of the fitout, specifically commenting on appropriateness of design and materials (i.e. longevity, durability, maintenance requirements, ability to source replacement parts etc). Our aim was to ensure the asset is future-proofed, whilst reducing the Client’s capital expenditure over the lifetime of the property. We provided the following key services which are unique to owner-operated assets:
• Procuring the appointment of a design team for the fit-out of amenity spaces, in line with the Investor’s requirements.
• Facilitating and tracking actions between the Developer’s and Investor’s Asset Management teams to ensure that design of amenity areas meets the Investor’s needs
• Driving the Developer to deliver amenity areas in accordance with programme, to ensure a completion in line with block handovers
• Tracking and reviewing the design of items that are not fully specified when the funding agreement was placed (e.g. kitchens) whilst ensuring these are not downgraded
• Overseeing the sample review process for various material finishes and advising on upgrades
• Making representations in connection with the Developer’s proposed design changes, ensuring that the specification is both low maintenance and remains suitable for long-term use
• Playing a vital role in the handover process and the onboarding of the Property Management team
Thanks to a dedicated and collaborative wider project team, the scheme was completed on budget in December 2020.