Another 400 purpose-built Build To Rent apartments have been given the green light by planners in London.
Legal & General’s plans for a large-scale BTR development in Walthamstow have been approved by the local council and will now pass to the Greater London Authority as part of the final approval process. Yesterday we reported how London mayor Sadiq Khan sees Build To Rent as an integral part of his vision of solving the capital’s housing shortfall.
The L&G scheme is expected to deliver 440 homes on a former industrial estate; plans for the development include new cafes, a food store, communal working spaces, open landscaped areas and communal leisure spaces for residents.
It is expected to create up to 100 long-term local jobs as well as 3,000 temporary roles over the life time of the development. The scheme will comprise five buildings.
“Across Legal & General’s Build to Rent platform we now have 900 homes under planning or in construction as part of plans to deliver thousands more homes and re-establish what it means to rent in the UK” says Dan Batterton, BTR fund manager at L&G.
The Walthamstow scheme, as well as two further sites in Bristol and Salford, are being developed by Legal & General Investment Management Real Assets on behalf of a joint venture between Legal & General Capital and PGGM, a Dutch Pension Fund.