One of the largest players in the Build To Rent sector has snapped up a site in a major city centre that will see over 100 rental units constructed.
Legal & General has exchanged contracts on the BTR site in Chelmsford city centre.
Known as Chelmer Waterside, the site forms part of a major mixed-use development in Chelmsford which will provide what the company calls “a landmark urban regeneration scheme for the city, comprising 421 residential apartments, associated landscaping and local retail amenities.”
The BTR element, being developed by Taylor Wimpey in conjunction with Legal & General, comprises 104 apartments including studio, one, two and three bedroom units.
“Chelmsford in particular has strong location dynamics, benefitting from a 40 per cent increase in average prices over the last 10 years, according to the UK House Price Index. With excellent commuter links to London, it is also set to experience notable population growth, placing further demand on housing” says a Legal & General spokesman.