Tribeca Square, with 350 apartments for private rent in rapidly improving Elephant and Castle, is pioneering a new way of living for young Londoners who either can’t afford to buy their own home or, in many cases, prefer the flexibility of renting.
Offering low-price, fee-free tenancies for up to three years, plus a tempting package of extras, Tribeca Square’s name is inspired by Manhattan’s trendy loft-living neighbourhood and is aimed at young Londoners - the Facebook generation - who either cannot afford to buy a property or prefer the flexibility of renting.
The scheme comprises three residential towers, shops, restaurants, a multi-screen cinema, supermarket and small business workspaces.
Located between Elephant & Castle's famous shopping centre, which is earmarked for redevelopment, and the Heygate council estate, now undergoing demolition to make way for thousands more new homes over the next decade, it is expected to become a new hub for the area.
The project had been mothballed due to the credit crunch, but was rescued by developer Delancey, part-owner of East Village, formerly the Athletes' Village, at Stratford, where a similar rental service was rolled out last September.
Private renting already accounts for 27 per cent of all households in London, and the figure is forecast to reach 40 per cent within 10 years.
The government has set aside £1 billion to support developers build homes for private rent. London Mayor Boris Johnson says he is committed to bringing forward more public sector land for such projects. The hope is that corporate rental companies will become trusted landlords, set higher standards and offer fair-priced accommodation.The scheme will be complete in 2016.