Legal & General plans to develop 1,000-home BTR scheme in London

WCN Editorial Team 15 May 2019 EUROPE BUILDINGS

British financial services company Legal & General has purchase two sites in Wandsworth, south London to build its largest build-to-rent (BTR) scheme to date.

The two adjacent sites in Wandsworth covering six acres have been acquired by Legal & General BTR Fund, PGGM and Legal & General Capital.

The £500m scheme will have around 1,000 homes for the private rented sector (PRS), including 35% designated affordable housing, and 85,000ft² of commercial space.

LGIM Real Assets Build To Rent head Dan Batterton said: “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.

"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.”

Legal & General said that the acquisition bring its total BTR pipeline to nearly 5,000 homes across the country.
The latest scheme currently comprises home improvement outlets located within Zone 2 and adjacent to Wandsworth Town train station.

The development, which will include a new entrance to the platforms, forms part of the major regeneration of the local area, the firm said.

Legal & General Capital Principal Investing managing director Paul Miller said: “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.”

Legal & General plans to open its first London BTR scheme, Blackhorse Mills in Walthamstow, in the autumn.

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Image: Legal & General's new build-to-rent scheme will be located in Walthamstow, London. Photo: courtesy of Legal & General Group Plc.

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