Largest Built to Rent Scheme Announced
The largest ever Built To Rent (BTR) scheme has been announced by Legal & General, who is set to bring around 1,000 homes and 85,000 sq ft of commercial space to London. Two adjacent sites in Wandsworth will combine for the scheme, providing purpose-built rental homes with long leases for all ages, demographics and social groups.
“As renting continues to become a tenure of choice in the UK, the delivery of high density, high quality developments with vibrant communities is becoming more and more important. To do this, we need to deliver schemes which offer well connected housing options, which are carefully integrated into the public realm, maximising our existing infrastructure and supporting economic growth. This latest development in Wandsworth, our largest BTR acquisition to date, is a perfect example, offering 1,000 new rental homes alongside improving the station infrastructure and offering commercial real estate space to support local businesses,” commented Paul Miller, MD Principal Investing at Legal & General Capital.
Located within Zone 2 and adjacent to Wandsworth Town train station, the £500 million development will include a new entrance to the platforms and will form part of the major regeneration of the local area. It will also include 35% affordable housing.
Through the creation of a BTR asset class, Legal & General is looking to use its sources of long term capital to help address the chronic lack of housing supply and meet the increasing demand for affordable, quality rental accommodation.
“This latest acquisition is another great example of Legal & General investing in a location with significant urban regeneration potential and providing large scale sustainable rental schemes which will have a positive socioeconomic impact. The location is highly desirable for renters and, with 1,000 units planned for the site, demonstrates Legal & General’s ambition to make a real impact on the delivery of new homes within the UK. Representing our largest scheme to date, this flagship BTR development is another step forward towards tackling the severe housing crisis facing both London and the UK, offering homes for all ages and social groups, as well as reduced living costs thanks to economies of scale,” said Dan Batterton, Head of Build To Rent at LGIM Real Assets.