In focus: Canary Wharf's next chapter
Alastair Mullens, Managing Director of Canary Wharf Group’s build-to-rent arm, Vertus, on diversifying into the serviced apartment sector with Vertus Edit.
When Vertus Edit opens in February 2025 it will bring 378 design-led studios to Canary Wharf. The first aparthotel to launch on the Estate, the opening comes at a time when visitor numbers are at an all-time high. Here, Alastair Mullens, the driving force behind the launch, discusses the catalyst, the changing face of corporate travel and Canary Wharf’s transformation into a seven-day-a-week destination.
Why did you decide the time was right to diversify into serviced apartments?
The serviced apartment sector has seen significant demand, especially in the post-pandemic period, with more travellers seeking a blend of home-like amenities and hotel services. According to research from the Association of Serviced Apartment Providers (ASAP), the sector generated £1.2 billion in turnover in 2022 alone. With visitor numbers to Canary Wharf at an all-time high (67.2m in 2023), we identified a clear opportunity to introduce Vertus Edit, catering to the growing demand for shorter, flexible stays. This allows us to diversify our portfolio and offer a product that complements our build-to-rent (BTR) properties while capitalising on this trend towards more adaptable accommodation options.
What sets Vertus Edit apart in a crowded marketplace?
Vertus Edit stands out by offering the comforts of home with the convenience of a hotel, including a fully equipped kitchen. Our guests are invited to enjoy access to communal areas including terraces, co-working hubs, bookable meeting rooms, dining spaces and a gym. Additionally, our curated events programme encourages a sense of community. Situated in the Wood Wharf neighbourhood, with excellent transport links, Vertus Edit offers a uniquely flexible and immersive experience that blends work, leisure and socialising. A number of our rooms are also pet friendly.
Sustainability is a big focus for us and we’re working with a local not-for-profit artist collective as well as supporting small local businesses with new retail spaces. Our ESG lens extends all the way to our laundry partners and cleaning products as well as our toiletries partner – Kankan – another East-London business that uses all natural ingredients to craft unique products in plastic-free packaging.
How would you describe the offering at Vertus Edit?
In a nutshell, it’s a hybrid between a hotel and a home, offering flexible stays from just one night to more extended periods. Guests can expect high-speed Wi-Fi, housekeeping as standard and a fantastic team to look after them while also benefiting from the privacy and convenience of their own studio – offering a home away from home. It’s the perfect solution for both business and leisure travellers who want a more adaptable and independent stay.
Traditionally, Canary Wharf has a reputation for being a commercial district. Do you think its transformation into a seven-day-a-week destination is complete? How has this been achieved?
Canary Wharf has evolved into a vibrant seven-day destination – we’re a bustling neighbourhood where you can live, work, shop, dine and play. We have more than 320 retailers and over 80 cafes, bars and restaurants.
As a multi-purpose destination, we’re seeing more people visit for the experience of combining an activity – including Padel or go-karting – with eating out. We’re also home to the UK’s largest free to visit outdoor art collection that spans more than 100 pieces. Next year we’ll open a spectacular leisure and hospitality venue bringing new and exciting brands to the Wharf, further strengthening our appeal.
Nature is also important to us. We launched Eden Dock in October, in partnership with the Eden Project, which offers a first of its kind urban oasis in the heart of Canary Wharf to tackle biodiversity gain in city locations. This complements our vast array of parks and public spaces that nestle in and around our buildings.
Corporate travel has undoubtedly changed since the pandemic. Given that short-stay properties are known to attract business tenants, where do you see demand coming from?
Vertus Edit is an excellent choice for anyone visiting Canary Wharf or central London – our transport connections via the Jubilee Line, Elizabeth Line and DLR, are some of the capital’s best and mean you can get to central London in less than 15 minutes. Our guests can enjoy the flexibility of experiencing life in our neighbourhood on their own terms.
We boast an enviable location that’s ideal for both business and leisure activities. In addition to the amenities at Canary Wharf, we’re situated close to iconic venues such as The O2 Arena and ExCel London, offering easy access to world-class entertainment, conferences and exhibitions, making us an ideal choice for professionals and tourists alike.
Aesthetically, what direction did you take with Vertus Edit? How does the design differ from other Vertus rental apartments?
Vertus Edit follows a streamlined, minimalist design that focuses on functionality and comfort for short-term guests while also offering a homely atmosphere. The design includes modern, stylish furnishings and practical features like fully equipped kitchenettes.
We’ve also collaborated with East London Printmakers, a not-for-profit artist collective in Mile End that has been part of the local community for the past 25 years. We’re working with nine of their artists to make handmade, original prints and artwork for the studios.
What are your predictions for the future of business travel and the serviced apartment sector?
The future of business travel will likely continue to shift towards greater flexibility, with more professionals seeking longer stays in serviced apartments that offer both work and leisure facilities. As remote working becomes more common, serviced apartments are ideally placed to provide the perfect balance between home comforts and hotel services. The sector will likely grow as more business travellers opt for spaces that allow them to work, relax and maintain their routines, with the added benefit of shared communal areas and social events.8. How are serviced apartments transforming the short stay and residential sectors?
Serviced apartments are transforming the short stay sector by providing a flexible alternative to traditional hotels, offering guests the chance to stay in a home-like environment with the convenience of hotel services. They’re also reshaping the residential sector by appealing to people who want to experience a neighbourhood before committing to a longer-term lease.
What’s in the pipeline for Vertus Edit?
Our immediate focus is our launch in February 2025 – we’re already taking bookings and look forward to welcoming our first customers. In due course we’ll evaluate further opportunities as Canary Wharf itself continues to evolve. We also plan to continue enhancing the guest experience, with sustainability initiatives and further collaborations with local businesses and artists to ensure Vertus Edit remains fresh, innovative and unique in the marketplace.