Vibrant, thriving places
CEO’s statement
“In a period of widespread economic challenge, domestic political change and inflationary impacts, the increase in operational scale, revenue growth and portfolio value appreciation is testament to Get Living’s resident proposition and the further maturation of our platform.”
The full year to December 2024 has seen further progress building on the foundations laid in 2023. A further 649 homes were completed at the regeneration of the gateway to Lewisham town centre, marking the opening of our fourth neighbourhood, taking the total of operational homes to 4,567. In a period of widespread economic challenge, domestic political change and inflationary impacts, the increase in operational scale, revenue growth and portfolio value appreciation is testament to Get Living’s resident proposition and the further maturation of our platform.
Demand for rental homes has remained firm, but prospective residents have been far more price sensitive, mindful of the cost of living pressures they face. This was particularly evident in the first half of the year, but the usual summer peak leasing period saw occupancy pick-up, closing the year at 94.5% occupancy across our stabilised assets and resulting in rental income of £113.5 million. Valuations in 2024 were on the upside, ending the year at £2.87 billion for the portfolio, founded on the operational performance in a market where capitalisation rates remain stable.
Highlights
Continued growth
Financial and operational
- 2024 saw the completion of The Filigree, Lewisham, a 649-home development, part of one of the largest regeneration schemes in South East London.
- The 2024 results show rental income growth of 6.2%, demonstrating consistent growth boosted by the launch of new neighbourhoods.
- The Group’s portfolio was valued at £2.9 billion resulting in a revaluation gain of £138.2 million, offset by an increase in the fire safety provision of £181.5 million (net revaluation loss of £43.3 million).
- The new, state-of-the-art London College of Communications campus (part of the University of the Arts London (UAL) and all three residential towers at The Elephant topped out during the year.
- The refinancing of New Maker Yards, Salford, was completed during the year, securing a £110.0 million facility with Rothesay.
- The Group exchanged on a transaction to dispose a plot of land with consent for student accommodation in East Village during the year, with completion in March 2025. The transaction provides liquidity for other Group projects.
Environmental and social
- BREEAM in-use rating of “Very Good” achieved for New Maker Yards, placing it in the top 50% of BREEAM In Use holders in the UK. This is the first time that BREEAM in-use has been
applied to an asset within Get Living’s portfolio. - £80,000 granted to local businesses in Stratford, Salford and Lewisham to support communities to develop new employment and creative skills and improve mental and physical wellbeing through greater access to nature.
- Urban Elephant Festival welcomed 5,000 people from the Elephant and Castle community and beyond.
- Staff supported Stepney City Farm as volunteers during our Get Living Give Back days, improving the farm buildings, weeding animal enclosures, composting and clearing ponds.
- Middlewood Locks Fest, a canal-side neighbourhood family festival, was held at New Maker Yards, Salford.
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Business Model
How we create value
Our purpose
Our purpose is to deliver vibrant places where people thrive together.
Our strategy
Our Neighbourhoods
A thriving community in the heart of East London
Launched 2013
The market
Newham is a growing market with a population that is expected to increase to over 360,000 by 2028. Over a third of people in the borough rent (37%)¹ and the plethora of university campuses in the area has contributed to a significant rise in the number of students.
The area has also become a hub for arts and culture with the new East Bank now home to Sadler’s Wells, V&A East and London College of Fashion.
East Village
Home to over 6,500 people, East Village continues to attract a broadening demographic. Set within 25 acres of public realm, the neighbourhood has become a hub for inter-generational living with current residents spanning students, young professionals, families and retirees. With shops, cafes and leisure activities on the doorstep, excellent travel links in and out of central London, and London’s new cultural quarter, East Bank, next door, East Village offers something to everyone.
Alongside the 1,439 Olympic plot homes, the neighbourhood offers 482 homes in Victory Plaza, which launched in 2019, and 524 homes in Portland Place, which launched in 2022. Sunflower House, which offers 48 purpose built affordable homes, is also part of East Village, managed by Notting Hill Genesis and let to local residents at social rent.
The commercial offer has seen new brands open their doors in 2024, including The Fat Crab, the UK’s first seafood boil, and independent café brunch operator, Bobo & Wild. The Gym Group has also signed up to take space, opening in 2025 and joining the existing line-up which includes Signorelli, Eggslut and Refill Therapy.
¹Experian.
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“The neighbourhood is beautiful, the people are friendly and the place feels safe and full of energy and life due to the amount of families, babies, kids and dogs that are around all the time.”
Juan Nicolas
East Village resident
“Victory Plaza is a wonderful place to live. I feel so safe here, and I love the sense of community. There are so many green spaces, and it is a short walk to Stratford station too!”
Gabrielle
East Village resident
Central London living
Launched 2017
The market
In London’s zone 1, Elephant and Castle has undergone a significant regeneration in recent years, with 26 projects creating new homes, streets and shops. This includes Elephant Park, a major mixed use scheme led by Lendlease, which is located close to Elephant Central.
30% of Elephant and Castle’s population rent and the majority of these live in the PRS as there are currently less than 2,000 BtR homes in the area². With numerous university campuses within easy reach of the area, it is also very popular with students.
Elephant Central
Elephant Central is home to both a domestic and international demographic, including 278 students. It offers 374 rental homes and 278 dedicated student homes, with occupancy rates consistently high given its central London location, high quality homes and proximity to public transport.
Residents of Elephant Central have exclusive use of the club room, a social and work space, as well as a shared residents’ courtyard. They also benefit from retailers on the ground floor and in the surrounding area, with commercial tenants including Gymbox, Pizza Pappagone Sud, Murger Han and Sainsbury’s Local.
Next to Elephant Central, Castle Square continues to attract visitors with its calendar of community events and range of independent retailers and restaurants. Highlights in 2024 included the extremely popular Urban Elephant Festival, annual Christmas lights switch on and EleFit, a fitness event. In the year we partnered with London Mural Festival to unveil a new mural in the Square, by local artist Cee, which celebrates the rich Latin American heritage of the local community
In 2026, Elephant Central will become part of the wider Elephant neighbourhood, The Elephant, with the launch of the neighbouring town centre development. Completely transforming the heart of Elephant and Castle, the new scheme will deliver a further 485 homes in addition to 181,034 sq ft of commercial space, becoming a new destination for the community, residents and brands.
A number of fire safety defects have been identified by inspections and work is ongoing to identify potential remediation works required, with all homes remaining safe to occupy.
²Experian.
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“Elephant Central is close to my workplace and close to transport. I love the vibe in the neighbourhood and staff are extremely helpful”
Jacquelyn
Elephant Central resident
"We have enjoyed renting from Get Living over the last (nearly) four years. They are very helpful when we have any issues or problems! The concierge staff are amazing and we love them."
Natalie
Elephant Central resident
Canal-side rental living
Launched 2019
The market
Salford, within Greater Manchester, is a highly popular area with young professionals, families and students, with Manchester’s Spinningfields and city centre both within easy reach. With 22% of the population in choosing to rent³, and almost 23,000 students in the area⁴, it is well served by BtR, with over 7,000 BtR homes already operational in the area and a further 2,780 in the pipeline⁵.
New Maker Yards
Located within Middlewood Locks along the canal, New Maker Yards is home to 1,400 residents. Offering 821 homes close to both Manchester and Salford city centres, as well as Manchester Airport, the neighbourhood is a thriving community.
Residents can make use of exclusive amenities including the clubroom and a dedicated co-working space, “The Lock”. The commercial offer is tailored to the needs of the community, with an independent roaster and coffee shop and a local Co-op store.
New Maker Yards is an active part of the wider area, supporting local causes and promoting Salford’s rich history. In March, the New Maker Yards team collaborated with partners including the Greater Manchester Combined Authority and Salford City Council to create a unique sound walk experience promoting the heritage of Middlewood Lock’s canal routes. As parts of the Manchester Bolton Bury Canal reopened for the first time in 15 years in April, a free canal side neighbourhood festival took place, supported by Get Living, featuring music, art workshop, a makers market and water activities for the community.
The Inspiring New Maker Yards Community Fund distributed £20,000 to the Pendleton Skills and Environmental Wellbeing Zone, which provides mentoring to upskill and support local people, and to a group that provides a therapeutic support space in Salford for those who have survived suicide or experienced suicidal thoughts.
³Experian.
⁴HESA 2022/23 student data and university website.
⁵Experian.
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“Lovely community where I always feel safe, the apartment is spectacular and the neighbours are mindful.”
Ella
New Maker Yards
“The apartments are very modern, clean and well equipped. They are also close to amenities, shops and places of interest such as bars and restaurants. The on-site maintenance team are also very helpful and the admin team are always on hand to help with any issues.”
Adam
New Maker Yards
A vibrant new London neighbourhood
Launched 2024
The market
Lewisham has undergone a transformational regeneration which has seen the development of new homes, infrastructure upgrades and major improvements to the town centre. The area has been historically underserved by BtR, with fewer than 1,500 operational homes in the area, despite the fact that there are over 33,000 households that rent⁶. With excellent transport links to London Bridge and Canary Wharf, Lewisham is very popular with young professionals, students and families.
The Filigree
Get Living’s third London neighbourhood, The Filigree is in London’s Zone 2, less than a five-minute walk from Lewisham’s train and DLR station. Offering 649 brand new homes, the neighbourhood saw its first building complete in May 2024 with full practical completion achieved in October. Quickly becoming a thriving community, The Filigree welcomed its first residents in August and was 30% occupied by the end of 2024. 106 of the homes are affordable, let to local residents at London Living Rent.
Residents had the opportunity to meet their new neighbours and get to know the on-site team with several events held in one of the unique penthouse homes on the 29th floor, which offer spectacular views across the capital.
To mark the launch, Get Living collaborated with SHAPESLewisham, a local creative network, to design and furnish one of the penthouse homes with work by over 100 local artists, makers and designers. An immersive, interactive and shoppable gallery space in which people can purchase directly from artists, the project also raises the visibility of their work, supporting local businesses and encouraging future collaborations.
The Filigree’s 119 co-living homes will become available to rent following approval from the Building Safety Regulator. These homes are designed for social living, with shared amenity spaces for cooking, socialising and working.
The ground floor offers landscaped public realm, providing greater connectivity between Lewisham town centre and the train station, as well as 87,328 sq ft of commercial space which will create a new retail, leisure and food destination. Prior to the flood event, several brands were in advanced negotiations, including a new cinema operator, a leisure operator and several food and beverage operators. Positive discussions are ongoing with key tenants, with business focus being on preserving leasing interest.
⁶Experian.
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Transforming Elephant and Castle
Launching 2026
The Elephant
The Elephant, on track to launch in 2026, is transforming the centre of Elephant and Castle. An example of what private and public collaboration can achieve, The Elephant has brought together stakeholders including Transport for London, Southwark Council and UAL, all of which have a stake in its success alongside us. Along with the 485 new homes for rent, of which 172 will be affordable, the truly mixed-use scheme will deliver a new town centre, with 135,000 sq ft shops, restaurants, cafes and leisure space, 55,000 sq ft of workspace, a state-of-the-art university campus for London College of Communication, part of UAL, a new tube station entrance, new public streets and town square.
The Elephant will represent social, cultural and economic renewal, bringing together commuters, residents, tourists and the wider community in a new zone 1 destination. Elephant and Castle itself has a rich history and culture, all of which has been woven through the design of the scheme and which is a core part of the retail mix and placemaking plans. As key stakeholders in the success of The Elephant, the local community has been closely engaged with throughout the process.
Construction on site is progressing well, with all three residential towers topping out in 2024. Early access fit out works are underway at the new LCC building and the residential towers, whilst the retail, leisure and workspaces are all taking shape ahead of custom fit out works in 2025.
On the ground and lower floors, the 135,000 sq ft of retail and leisure space has already attracted significant interest from independent, national and international brands, with lettings to be announced in 2025. The vision is to bring together an eclectic and unique retail offer which both reflects The Elephant’s culture of creativity and innovation and responds to the needs and preferences of the neighbourhood’s future visitors and residents.
In summer 2025 the LCC campus will be handed over, with expectation of opening in 2027. The next phase of The Elephant project, known as the West site, is the home of the former LCC campus, and is set to deliver further rental, affordable and student homes, along with a new cultural venue for the community and landscaped public realm. Updated proposals for the West site were submitted to Southwark Council in March 2025 following an extensive public consultation.
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ESG at Get Living
ESG strategic framework
Transitioning to more sustainable operational and developmental ways of working is an asset management imperative for us, not only to preserve and grow the value of our assets, but also to ensure we remain relevant both to capital providers and to those seeking a place to live.
As long-term owners of residential neighbourhoods, we have a potentially powerful role to play in shaping the homes in which people live and the way they travel, work, shop and play.
We recognise that we have a platform from which to drive changes needed in the face of the climate and ecological crisis, as well as in delivering positive socio economic benefits.
Six strategic objectives guide our direction of travel over the next five years. Each has a set of sub-objectives, delivering a range of outputs.
Protecting and enhancing our environment
Employ whole-life impact considerations to improve the performance of our existing neighbourhoods, and to future-proof new developments
- Demonstrable downward trends in energy use, emissions intensity, water intensity and waste to landfill
- Improved benchmarking and ratings for both development and operational assets
- Neighbourhoods built to last, founded on strong sustainability credentials and continuous improvement through retrofits and refreshes
- Residents and tenants who are connected with our ESG agenda, and taking action to live more sustainably.
Protect and enhance biodiversity both in our neighbourhoods and remotely, promoting a connection to nature
- Biodiversity net gain and urban greening we can communicate to stakeholders
- Water management that helps us to manage growing water scarcity and protect water courses
- Public realm designed for both people and nature
- Residents and tenants who have an increased connection to nature and partnerships that enable them to take action to enhance biodiversity
Delivering social value
Celebrating the individual personality of our neighbourhoods, and embracing the locality, to evoke a strong sense of place for our residents, locals and visitors
- Activated amenity spaces that inspire activity and support the health and wellbeing of our residents
- Increased access to urban nature for residents and local people
- Recognised for having safe, welcoming and accessible spaces
Optimise the local socio-economic benefits of our developments and operations
- Focus on material impact areas, delivering greater impact
- An understanding of local needs and a social value programme that responds to these
- Stronger, longer-lasting charity and local partnerships that leave a lasting impact on their ability to deliver against local need
- Programme of activities and enlivenment at each neighbourhood that deliver local socio economic benefits
Progressive governance
Cultivate an internal culture and skill base that supports a progressive and determined approach to delivering positive social and environmental changes
- Establish clear targets and enhance data management systems to monitor performance effectively, offer constructive feedback, and acknowledge achievements
- Enhance and understand the skills and motivation of our colleagues, empowering them to effectively contribute towards meeting our ESG objectives
- Develop a comprehensive understanding of our stakeholders and value chain, fostering relationships essential for advancing our ESG goals
- Encourage engagement in ESG initiatives across different roles by establishing working groups and implementing objectives tailored to each role’s responsibilities
Shape and deliver responsible and accountable ESG governance practices as an operator and developer
- Activated amenity spaces that inspire activity and improved stakeholder engagement throughout value chain
- Reporting and disclosures that respond to the regulatory environment of our investors
- Improved data quality through automation, monitoring systems and assurance
- Risk and opportunity management that positions us strongly when responding to Task Force on Climate-related Financial Disclosures (TCFD) and Taskforce on Nature-related Financial Disclosures (TNFD)