Legal & General, one of the biggest players in Britain’s burgeoning Build To Rent market, has exchanged contracts on its largest BTR site to date - one for 650 units at Woolwich in London.
This scheme has been acquired by co-investors Legal & General Capital and PGGM, as well as pension fund capital raised by LGIM Real Assets.
This site, known as Macbean, is Legal & General’s third BTR scheme in London, with existing developments in Walthamstow and Croydon.
With a total BTR pipeline of around 3,000 homes across nine schemes countrywide, Legal & General says it will have 6,000 homes in planning, development or operation by the end of 2019.
Located near Woolwich Arsenal Overground Station, this latest brownfield site has been identified as one of the last development opportunities of scale opposite a Crossrail station.
Subject to planning approval, the scheme is projected to deliver over 650 new homes, together with 21,000 square feet of commercial space and a new public square.
The development will comprise both private and affordable rental homes.
“Macbean is another great example of Legal & General investing in a location with significant urban regeneration potential and providing large scale sustainable rental schemes which will have a positive long term socioeconomic impact” says Dan Batterton, BTR Fund Manager at LGIM Real Assets.
“The location is highly desirable for renters and, with over 650 units planned for the site, is of a size which will offer significantly reduced living costs thanks to economies of scale. Given the notable infrastructure developments in the area, such as Crossrail, it has been a target location for us to expand our BTR offering and we remain firmly on track with our growth plans.”