One of the country’s major Build To Rent providers has signed a deal to deliver 324 flats in a major city regeneration area.
Legal & General says the scheme is within Glasgow’s new Buchanan Wharf waterside regeneration area, which will also house the new Northern European hub of Barclays Bank.
Consisting of two 18 storey towers, the properties will include a dining space, a gym, a residents’ lounge and a games room. Buchanan Wharf, which overlooks the River Clyde, will also offer a 4,250 square foot communal roof terrace and is walking distance from Glasgow Central Station and the International Financial Services District.
This latest scheme will bring Legal & General’s Build To Rent portfolio across Britain to 3,700 homes, with ambitions to have 6,000 in planning, development or operation by the end of this year.
“Glasgow has seen very low levels of residential development over the last decade. This acute supply and demand imbalance has made it an important target for us, demonstrating our commitment to quality asset selection, with sites cherry-picked by assessing needs-based demand to provide long-term, stabilised cashflows for investors” says Dan Batterton, head of Build To Rent at LGIM Real Assets.