UK: National Corporate Housing, one of America’s largest temporary furnished accommodation specialists, has launched operations in the UK.
The company says it has around £20 million to invest on leasing properties in London over the next three years.
National Corporate Housing, which has 28 offices across the US and delivers average occupancy rates of between 96 and 98 per cent, is assembling a London team focused on renting well-located properties from institutional landlords and PRS developers between zones 1 to 3 across the capital. It is looking for between five and 50 units per development. The company says it will consider purchasing its own properties in future and is interested in acquiring other firms.
The launch is the result of demand from National Corporate Housing’s US client base for temporary accommodation in the UK.
Tom Atchison, CEO of National Corporate Housing, said: “Following demand and agreements in principle from our existing client base, the time is now right for us to make a strategic expansion into the UK, starting in London but with long term plans to spread out to key cities. We are in a unique position in that our end customer database is already in waiting, so we can focus purely on sourcing high quality units in attractive locations with good transport links.”
“The capital’s property market is going through an interesting time, with an increasing dearth of institutional landlords staking their claim and the rise of Build to Rent. Occupancy rate has always been at the top of our priorities and we have a proven track record in being able to hit the crucial last five percent, generating solid and more importantly, consistent, returns for the landlords that we work with,” he added.
Established by Atchison in 1999, National Corporate Housing manages more than 2,500 units.