Realising value in neighbourhoods
CEO’s statement
“We are developing places for discovery, where togetherness, choice and exploration are central tenets of the Get Living proposition.”
Creating neighbourhoods fit for the future
It is a mark of the progress and potential of Get Living that we are posting a positive set of results in this Annual Report for the year ended 31 December 2022.
It is a point that merits emphasis because this has been a year characterised across the UK by a mild recovery in the winter and spring, a better summer followed by a disruptive autumn. Get Living showed resilience in the face of rapidly changing geo-political, domestic governmental, economic and consumer confidence circumstances. This reflects the strength of our portfolio of totemic destination assets, the platform we have built, the resident proposition we offer, the tireless work of our committed team and the professionalism of our investors whose support is resolute.
Highlights
Continued growth
Financial and operational
- In June 2022, 289 further homes were launched at New Maker Yards, increasing our total homes to 821 in Middlewood Locks, Salford.
- Portlands Place opened its doors in August 2022, adding 524 new homes to the heart of East Village.
- Strong rental demand and the launch of new homes in Salford and East Village drove an increase in gross revenue to £99.2m, up 40.3%.
- A strong performance across the business saw net profit increase 134.6% to £136.3m.
- Underpinning the financial results are operational efficiencies and a continued focus on cost management.
- The balance sheet is robust with £1.51bn (2021: £1.33bn) of net assets, 47.2% (2021: 46.2%) aggregate Loan to Value and weighted average maturity of debt is 6.5 years (2021: 7.8 years).
- The Group has identified pipeline opportunities in Leeds, Maidenhead, Birmingham and Leatherhead giving access to a pool of potential investments within the private rented sector.
- Get Living was shortlisted for the BTR Specialist Award at the EG Awards in November 2022.
Environmental and social
- Get Living was awarded the top 5-star GRESB rating for the third year running for the operational portfolio in recognition of our sustainability performance.
- We are working towards compliance with the recommendations of the UN’s Task Force for Climate-related Financial Disclosures (TCFD) and in 2022 carried out a TCFD Gap Analysis.
- In June 2022 three Get Living neighbourhoods featured in the HomeViews’ Top 10 “best places to live” in the UK, as voted by our residents.
- Inspiring East Village and Inspiring Elephant Community Funds both launched in 2022, supporting local projects and charitable causes.
- Get Living Gives Back launched in 2022 with colleagues participating in group charitable initiatives in the communities in which we operate.
- Throughout 2022 we partnered with our supply chain to innovate the lifecycle of domestic furniture and kickstart a circular economy business model.
Homes
0
+ 0 %
0
2021
0
2022
Revenue
£0m
+ 0 %
0
2021
0
2022
Net profit (£m)
£0m
+ 0 %
0
2021
0
2022
Portfolio value (£bn)
£0bn
+ 0 %
0
2021
0
2022
Business Model
How we create value
Our purpose
We create value by building the exemplar BtR platform, driven by a clear vision and mission, creating sustainable neighbourhoods that are fit for the future and delivering long-term investor returns.
Our purpose is to create places that are sustainable and vibrant, places where people belong.
Our strategy
Our Neighbourhoods
A thriving neighbourhood setting the benchmark for rental living
In 2023, East Village will mark its ten-year anniversary as the first large-scale BtR neighbourhood in the UK. In that time, the former Athletes’ Village has become a thriving home to more than 6,500 residents, over 30 majority independent retailers, restaurants and cafes, and an Ofsted “Outstanding” education campus.
This year, Portlands Place opened its doors to residents with 524 high quality apartments within two towers, Skylark Point and Hightail Point. Setting a new benchmark for rental living, the towers are adjoined by a Skybridge on the tenth floor which offers 7,836 sq ft of indoor best-in-class amenity space. Residents have exclusive access to a gym, wellbeing room, the “Come Dine With Us” private dining space, a cinema room and 10,473 sq ft of large outdoor terraces with views of the London skyline. Having launched in August, Portlands Place was almost 80% occupied by the end of the year.
The addition of Portlands Place to East Village brings the total number of Get Living homes to 2,445.
In 2023, 48 new affordable homes developed by Get Living will launch at East Village. These high quality, two and three bedroom homes were sold to Notting Hill Genesis in August 2022 and will be available to local people at social rent.
0
homes for rent
0
independent retailers
Neighbourhood living in the heart of London
Elephant Central offers 278 high quality student homes and 374 homes for rent right in the heart of London. Ideally located opposite Elephant and Castle Train Station, Elephant Central continues to attract residents and students with occupancy levels at over 99%.
Located in London’s Zone 1, Elephant Central is within walking distance of both London College of Communication and King’s College London. Regent’s University London is less than half an hour’s commute. It is also within walking distance of London’s South Bank which plays host to cultural events, exhibitions and shows throughout the year and the West End is a short tube ride away.
The nearby train station provides quick and convenient transport links into the city, including less than 15 minutes to both London Bridge and St Pancras. The nearest tube station is a short walk from the neighbourhood with access to the Northern and Bakerloo lines.
The retail offer is tailored to the need of the locality and includes Gymbox, a nursery, a Sainsbury’s Local and independent restaurants including TUPI, Pizzeria Pappagone and Murger Han. At nearby Castle Square, over 25 local traders operate along with a thriving event space in the public square. Events at the square are hosted throughout the year and include Urban Elephant, the Queen’s Jubilee Celebration and Easter in Wonderland, reflecting the vibrant and culturally diverse nature of the community.
0
homes for rent
0
student homes
Canal-side living between two cities
New Maker Yards continues to go from strength to strength, sitting on the old Salford-Manchester border. Following the full opening of the second phase of homes at New Maker Yards this year, the neighbourhood is now home to over 1,200 residents living in 821 homes.
Set beside a canal-side green space, New Maker Yards is located in the highly desirable Middlewood Locks, within walking distance of Salford Central Station and Manchester’s Spinningfields, a popular dining, shopping and event destination. Manchester city centre is within walking distance and both Manchester University and Manchester Metropolitan University are within easy reach from the neighbourhood.
New Maker Yards is very popular with residents, who are able to make use of the neighbourhood’s new 3,000 sq. ft. amenity space, “The Lock”, which opened in 2022 as well as a club room for co-working and relaxing. The Lock also provides access to a brand new parcel management store and is home to 92 Degrees, an independent roaster and coffee shop which serves both residents and the wider community. The retail offer is boosted by a local Co-op store.
Residents at New Maker Yards are able to socialise at Seven Bro7hers, a beerhouse that is local to Manchester and Salford. Seven Bro7hers has quickly become a part of the community and hosts numerous events.
The wider event programme at New Maker Yards regularly brings local residents together. Ongoing events include a canal side jazz event and Christmas celebrations.
0
homes for rent
0
acres
Newton Place, Lewisham
A dynamic, vibrant new London neighbourhood
Newton Place, Lewisham is our next neighbourhood to launch in London and is set to complete in the second half of 2023, welcoming its first residents shortly after. Located in zone 2 in Southeast London, with great transport links to the centre of the city, the new neighbourhood will deliver 649 homes, including 424 for market rent, 106 affordable homes at London Living rent and 119 for co-living.
Complementing the residential offer is 25,000 sq ft of retail space, 15,000 sq ft of food and beverage space, a gym, a multiplex cinema and 10,000 sq ft of co-working space. Empire Cinemas is already signed up to the scheme with numerous retailers set to follow. The commercial offer is prominently located along what will become the principal pedestrian route connecting Lewisham town centre with Lewisham’s main line and DLR stations.
The development marks our first foray into co-living, with self-contained studio-style flats and high quality shared communal facilities to enable socialising and shared living.
The scheme is part of a wider Lewisham regeneration project which will deliver a new heart for Lewisham’s town centre and includes homes, shops, restaurants and a public square, in addition to major infrastructure improvements. Directly adjacent to Lewisham National Rail and DLR station, there are excellent transport links from the neighbourhood to central London with connections to London Bridge in nine minutes, Charing Cross in 17 minutes and Canary Wharf in 16 minutes. A potential extension of the Bakerloo line would provide further links. This remains under consultation.
The new neighbourhood has been developed in partnership with Lewisham Gateway Development, a subsidiary of Muse Developments.
0
homes for rent
0
co-living homes
0
sq ft of retail space
Elephant and Castle Town Centre
A new town centre is emerging
Elephant and Castle Town Centre is a major regeneration project which will deliver a new, vibrant town centre in London’s zone 1, located alongside our existing neighbourhood, Elephant Central. The scheme, which will complete in 2026, will deliver close to 500 new homes for rent, a vibrant mix of shops, restaurants and leisure facilities, workspace, a state-of-the-art new campus for London College of Communication and major infrastructure improvements.
Construction is now well underway on the site of the former Elephant and Castle shopping centre and good progress has been made on site, with piling work completed in December 2022. The first sections of the basement slab have progressed with the concrete tower structures to be constructed throughout 2023 and the cladding to commence towards the end of the year.
The development is part of a wider rejuvenation of the area and will deliver much needed high quality rental homes in a prime location and 35% of the homes that will be affordable by habitable room. A second phase of this project is expected to commence on the site of the London College of Communication following it’s relocation to the new university building, introducing further homes as well as additional shops and leisure venues.
The public realm located next to Elephant Central, Castle Square, is home to a number of local traders and plays host to numerous events over the year which celebrate the rich cultural diversity of the local area.
0
homes for rent
0
acres
Environmental, social and governance:
Environmental Sustainability
2022 has seen a step change in interest in the environmental performance and social credentials of property companies such as Get Living. This year we have built on our established ESG strategy to practically and culturally embed sustainability within our operations and our plans for the future. Our multi-faceted approach to environmental performance included engagement with every single employee, capital works to improve energy efficiency, improvements to ESG data quality and processes, developing robust design standards and tackling the thorny issue of embodied carbon in new developments.
Kickstarting the Circular Economy
Throughout 2022 we partnered with our supply chain to innovate the lifecycle of domestic furniture and kickstart an exemplar circular economy business model.
We identified that furniture in our older homes was becoming worn and in need of replacement. A traditional, linear business model would have condemned older furniture to landfill. However, Get Living worked with our supply chain to assess 16,840 individual items of furniture for refurbishment and re-use.
This resulted in 2,098 items (12%) being refurbished and re-used within the Get Living estate. A further 7,409 items (44%) were refurbished and donated to charity, with the remainder re-sold or diverted to energy generation from waste. The project represents sizable potential value, both as direct charitable donations, and the social impact of supporting low-carbon skills.
Re-sold items were marketed for sale under our furniture provider’s new consumer brand “Release”. Our partner plans to expand the consumer brand with ex-rental furniture from across their wider business.
Social Impact
At Get Living, we know that a person’s home is more than about bricks and mortar, it’s also about the community and neighbourhood that they become a part of, where people come together and feel connected. That’s why social value, creating wider social, environmental and economic benefits, is one of the vital ingredients across our neighbourhoods. This has been our philosophy since Get Living was founded back in 2013 with our pioneering neighbourhood, East Village. Being a force for good means taking an active role in our neighbourhoods, working closely with residents, local stakeholders and wider communities. To that end, we have not only donated to local charitable and community causes in 2022, but we have also set up our own initiatives and projects that respond to local needs with the aim of supporting, empowering and upskilling local communities.
Our Social Value Policy
We invest in places for the long term and it’s important to us that we focus our efforts not only on our neighbourhoods and residents, but also the wider locality. Our role is to support local employment and local suppliers, become civic family members of the communities in which we operate, while pursuing a green and sustainable agenda.
We work hard to offer people a better way to live and rent, in neighbourhoods that are fit for the future. We aim to provide great rental homes, create healthier places and boost the social and economic worth of communities.
To achieve that aim, we are working to:
- Help local economies grow through the provision of flexible, high-quality, value focussed neighbourhood development, delivering homes, new job opportunities and contributions to the local economy. In turn, this attracts further inward investment and can act as a catalyst for further growth and productivity. As long-term stakeholders in the places in which we operate, we also invest in projects and initiatives that support local businesses, institutions and students in the form of funding, upskilling and mentoring.
- Support training, skills and career development for our employees and through our supply chain.
- Create wider social value by supporting local causes and projects through our Inspiring Communities Fund and by monitoring and targeting improvement of tenant satisfaction.
- Improve the health and wellbeing of our residents and employees through assessment and introduction of initiatives such as biodiversity enhancement and provision of cultural and physical activities.
Sustainability and Governance
Strong governance is essential to ensure that good intentions are carried through to practical ends. This is particularly true in matters of sustainability, where sustainability themed benchmarks and disclosures augment our wider corporate governance. Get Living’s approach to ESG benchmarking is guided by participation in the GRESB, and supported by voluntary disclosures on our social impact and the wide-ranging sustainability Best Practice Recommendations of the EPRA (EPRA sBPR). We are investigating the recommendations of the Task force for Climate-related Financial Disclosures (TCFD) and include light-touch disclosures in this report. We also make mandatory disclosures under the Streamlined Energy and Carbon Reporting framework.
5-star GRESB rating
For the third year running, Get Living participated in the GRESB and was awarded a 5-star GRESB rating for Standing Investments. Our Development Assets were also awarded a 4-star GRESB rating for the second consecutive year, placing Get Living second from top in our Residential: Multi-Family peer group of eight companies.
As a an investor-led organisation, GRESB provides a rigorous and rounded framework for sustainable practice and preparing ESG data for the financial markets. Get Living have benefitted from the regular benchmarking process which collects, validates, scores, and independently benchmarks ESG data.
Participation in GRESB has helped shape our policy and approach to ESG leadership, including reporting, risk management, stakeholder engagement, development standards, build quality, green building certification, energy efficiency, water efficiency, waste management and total greenhouse gas emissions.