We sit down with Vertus managing director Alastair Mullens to find out how he’s grown and softened the residential brand plus what the future holds
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Things move fast in Canary Wharf.
Already, in August 2024, it’s hard to remember a time when people weren’t living on the estate – such has been the interweaving of the blossoming residential community with the fabric of the place, a shift in mindset to becoming a truly 24/7 slice of London.
But in 2018 it was all still to come.
That’s when Alastair Mullens took on the role of managing director at a newly minted Canary Wharf Group subsidiary called Vertus, created to handle the estate’s crop of build-to-rent (BTR) properties.
At the time, BTR was still a relatively new concept in the capital and, indeed, the rest of the UK.
But, aiming to ape the success of well-established “multi-family” schemes in the USA and elsewhere, it was already gaining traction among developers who saw the potential advantages in terms of easier financing and steady income streams against the big revenue splashes of private sale.
a mountain to climb
“When I arrived, it was just me and one other member of staff,” said Alastair.
“It looked like a very big mountain to climb.
“But now we have more than 75 people working at Vertus – the team did an amazing job and it’s been a really great journey.”
Specifically, the company has completely filled three buildings on the estate – 10 George Street and 8 Water Street in Wood Wharf and Newfoundland, which sits to the western edge of the estate.
Even within this relatively short space of time, however, there’s been a constant feel of agile evolution.
“Vertus was very much born out of Canary Wharf and initially it felt quite corporate,” said Alastair.
“It was directed at a customer base we thought we were going to attract – the people who worked on the estate, who could afford to rent through us.
“That was very successful and about 70% of the people who moved into the first phase of 10 George Street were those workers.
“Today though, that percentage is around 25% at full occupancy.
“It’s a change that has been driven by two things – the arrival of the Elizabeth Line and the way the pandemic has shifted things.
“People now have more flexibility for work and may not be in the office five days a week.
“They have more of a choice about where they live and many are choosing Canary Wharf, even if they don’t work here.”
a resurgent Canary Wharf
It’s demand that’s perhaps unsurprising.
The estate’s resurgence after Covid has seen a wealth of attractions arrive locally, prompting 67.2million people to visit in 2023.
The latest figures for July show the month was 8.5% up on last year.
Canary Wharf is hot in a way that has nothing to do with the summer weather.
Its decision to embrace competitive socialising, an enhanced hospitality offering and even kids activities, has turned it from an area that was once overlooked to a place Londoners are actively seeking out.
Less formal, less corporate – more fun, more relaxed.
While Vertus’s buildings are currently full, its journey is really only just beginning.
In preparation for what’s to come, it’s softened its branding in line with the Wharf of the mid 2020s and to reflect the greater flexibility it’s about to bring to the market.
softening brand Vertus
“We’ve kept the name with the rebrand but have taken time to understand how our customers see us,” said Alastair.
“We’re not just a corporate landlord they’re renting from to get a good service.
“Words like ‘friendship’ and ‘interaction’ – both with fellow-residents and our team – are what we thrive on.
“The brand now feels more homely, rather than just a company providing places to live.
“Outwardly we’re far softer and we’ve done a lot of work on the tone of our voice so it feels friendlier.
“That’s both in our image and advertising, but also in our communications with residents. We’re delivering the same messages but in a less formal, more direct way.
“This has come from the way we’ve seen residents interact with our team – that they prefer to be addressed by their first names, for example.
“All of this is a shift in mentality – a change in the demographic living with us and, perhaps, the way in which people now feel about being less formal.
“Historically, the Canary Wharf estate has been very corporate.
“Aesthetically it’s been steel, glass and concrete.
“But in recent years it’s softened too – green walls, green lamp posts and our collaboration with the Eden Project in Middle Dock.
“Then there’s the leisure offer, which has made it a more fun environment.
“A good example was when we held The North Face Climb Festival at Wood Wharf recently.
“Our team said residents saw the buzz and were attracted to it.
“Originally we marketed the area as a private estate filled with peace and tranquillity.
“Now we’re selling an environment that’s increasingly lively and fun – somewhere people really want to be.”
homes in the pipeline
The good news for those who would also like to live locally is that Vertus is by no means done providing apartments.
“Two new towers at 50 and 60 Charter Street will see more than 750 Vertus apartments available to rent, with around 300 ready by the end of 2025 and the rest by mid-2026,” said Alastair.
“Then, 40 Charter Street completes at the end of 2027 with more than 550 properties.
“We’ve taken much of what we’ve learnt from our current buildings – how the concierge teams work, rolling out parcel delivery to individual apartments and offering more co-working space – and put this into these towers.
“They will give us another 1,300 BTR apartments in Canary Wharf.
“We’ve also learnt a lot about fostering community and, about a year ago, reimagined our resident engagement programme as Vertus Plus.
“This includes perks such as early access to new restaurant openings and discounts at retailers on the estate as well as an events team that works to arrange experiences for those living in our apartments.
“When you see a group going for dinner after an event, you know they have connected – we can bring people together, but it’s our residents who build the community.
“In order to support that, we are very much encouraging longer tenancies in our buildings.”
Vertus Edit, a shorter stay
While the arrival of new properties will doubtless be welcome given the demand for tenancies in Vertus’ existing portfolio, the company is also further evolving its offering to appeal to those with different needs.
Vertus Edit offers 378 studios for more flexible, shorter stays – even for a single night.
“These are completing around the end of this year and will offer people the opportunity to stay in a Vertus product for a number of nights or months,” said Alastair.
“The studios are, on average, 17sq m and have everything a visitor needs.
“They’ve got small kitchenettes, with hobs, combination microwave ovens and enough storage for pots and pans.
“It’s a product that’s fun, colourful and funky.
“We’ve long been getting enquiries about short-term rentals and we are now able to say that there is an option.
“We’re using the equity in the Vertus brand for this because people recognise it and Vertus Edit becomes that place to stay in Canary Wharf.
“Then, if someone enjoys a short-term stay in the area and sees what we have to offer, they may well decide to upgrade.”
next steps
As for the future, with Canary Wharf’s continued growth there’s still much more in the pipeline.
“We are developing North Quay, so the question is how we offer appropriate accommodation for people working in the life sciences space,” said Alastair.
“I’d also like to see a BTR product with reduced amenity.
“We’ve followed the American model and we offer a great product and great service but not everyone wants things like a big lounge, a gym or a cinema room.
“Some people just want to rent a good apartment that’s well managed with high-speed broadband.
“I think if we could do something like that it would be well taken up with people paying a reduced rent for fewer amenities.
“There’s not a lot around like that in the market at the moment.
“This may also allow tenants to save more easily if they want to buy a property in the future.”
key details: Vertus
More information about renting with Vertus and stays with Vertus Edit can be found here.
Single night bookings for the latter start at £100 a night for two people.
Discounts for longer stays are available.
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- Jon Massey is co-founder and editorial director of Wharf Life and writes about a wide range of subjects in Canary Wharf, Docklands and east London - contact via jon.massey@wharf-life.com
