Legal & General Capital, which last week announced its intention to work with a Dutch pension fund manager to build 3,000 Build To Rent homes across the UK, has just unveiled its plan for a scheme in Bristol.
L&G has acquired a cleared development site for £4.8m; it is known as ND7 and already has planning consent for 168, one, two and three bed purpose-built homes to let, as well as commercial space. The site will be built and managed by LGIM Real Assets, on behalf of LGC, with completion anticipated in autumn 2018.
The block is a short walk from Temple Meads Station and is near the Temple Quarter Enterprise Zone, one of the largest urban regeneration projects in the UK.
L&G says the city and the site were chosen because of what it calls “very positive rental growth prospects owing to relatively constrained local supply.”
The scheme is typical of those now emerging in major cities outside of London, and is targeting the area’s 25 per cent of the population between the ages of 20 and 34.