Bath is to have a major Build To Rent scheme from Legal & General, believed to be the first development of its kind in the city.
There will be over 170 new BTR homes built on a city centre site acquired by L&G for £47.5m. The operator now has a total housing pipeline of 1,200 BTR homes.
This is Legal & General’s fourth BTR scheme, following Bristol, Salford and Walthamstow.
The new scheme, at Roseberry Place, is on brownfield land in the Bath City Riverside Enterprise Area on the river. The site will comprise 171 apartments, 126 car parking spaces and 17,000 square feet of retail space.
The Bath scheme has been acquired by LGIM Real Assets on behalf of its BTR fund, together with its joint venture partnership between Legal & General Capital, the Group’s principal investment arm, and PGGM, the Dutch pension fund manager.