Bristol council has given consent to a 255 unit city centre Build to Rent scheme to be constructed and managed by Legal & General.
The scheme, called ND7, is the first to receive planning permission in the city.
It will be located within the Temple Quay Enterprise Zone near Temple Meads station. The firm says sustainability will be at the heart of the development’s design with options to embed energy generation, reduce energy consumption, appropriately resource sensitive materials, optimise water and waste efficiency, and mitigate pollution during construction will all be incorporated.
Legal & General, through Legal & General Capital (LGC) and LGIM Real Assets, entered the BTR market last year. LGIM Real Assets BTR fund has £1 billion to invest in developing new large scale rental development properties.
It currently has over 1,000 BTR homes under construction, or in planning, with an initial aim of building over 4,000.
ND7 forms part of a wider £200 million investment by Legal & General in Bristol. It is also behind the new Glass Wharf office development, which the HMRC will be moving into.
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