Build To Rent provider Legal & General has completed one of the UK’s largest purpose-built rental developments.
New Acres sits on sites either side of a road in Wandsworth, south London, and has 1,034 homes across now fewer than 18 blocks. The scheme also includes 35% affordable housing.
It’s part of a broader plan aimed at – in the words of L&G – “developing modern, consumer-focused areas. This initiative seeks to foster a vibrant community for its 1,500+ residents and the local area by activating over 50,000 square feet of commercial space.”
A spokesperson for L&G Asset Management says: “This has been in development since 2019, and it is a significant step to help address an enduring national housing crisis and clear imbalance of supply and demand in our local communities.
“We believe greater investment to deliver new homes is needed, therefore, the BTR sector plays a vital role in providing net-additional homes that wouldn’t otherwise exist.
“We aim to maximise our social outcomes, bring renewed life to neighbourhoods, and re-think the mixed use of real estate environments, all whilst offering long-term rental growth potential and income security for investors.”
L&G recently entered a partnership with UK pension scheme Nest, which is expected to grow to a Build To Rent portfolio of £1 billion over the coming years. Since 2016, L&G has deployed over £3 billion of capital into the Build To Rent sector, delivering over 6,000 homes.
This article is taken from Landlord Today