On guard for cheap rent

Developments such as a 150-bed care home, owned by Southwark Council, have been turned into housing.
Another in Southwark is a Victorian School which has been adapted. They are both part of Camelot Property Protection’s portfolio.

Camelot’s business development manager Stephen Davies said: “It really is an increasing market. Initially the aim of the scheme was for squatter prevention and also to protect from vandalism.
“Nowadays we are also looking at developers who have properties that they cannot sell.�

Generally the homes are shared accommodation, with tenants using communal bathrooms and kitchens but having their own bedrooms.

The home can be a former church, warehouse or factory, which has been renovated by Camelot. The company makes regular visits to each property on a monthly basis to check everything is in order.

The downside from tenants’ points of view, however, is that such properties will always be a temporary home for them, and they could be moved on at any time.

It is easy to see why people are attracted to the scheme, as a central London rent for a room in such properties can be as little as £50 to £60 per week – a fraction of the cost of rented private properties.

Stephen said: “It’s a real mix of people attracted by the competitiveness of the price structure which is a quarter to a third the price of a flat.
“It’s mainly those people starting out in careers in their twenties or thirties, such as junior doctors, nurses or firemen.
“All we ask is that they are expected to understand their duty to look after it.�

The group is nationwide, but operates predominantly in the South-East.

Camelot works with around half the London boroughs and Mr Davies said the company is in talks with Newham and Greenwich councils about further projects.

Stephen said: “The business focus is on getting new properties into the scheme. To most people it’s a new concept. But as there are so many vacant properties coming up the concept will never run out of steam.�