Legal & General has exchanged contracts on two adjacent sites in south London to deliver its largest Built To Rent scheme to date.
The scheme, in Wandsworth, is expected to cost £500m and will provide around 1,000 homes and 85,000 square feet of commercial space. The scheme has full planning consent which includes 35 per cent affordable housing.
The company pledges the sites will provide “purpose-built rental homes with long leases for all ages, demographics and social groups.”
Legal & General says that with the new scheme, covering six acres, it will have provided nearly 5,000 homes across the country.
Located within Transport for London’s Zone 2 and adjacent to Wandsworth Town train station, the development will include a new entrance to the platforms and will form part of the major regeneration of the local area.
“Representing our largest scheme to date, this flagship BTR development is another step forward towards tackling the severe housing crisis facing both London and the UK, offering homes for all ages and social groups, as well as reduced living costs thanks to economies of scale” claims Dan Batterton, head of Build To Rent at LGIM Real Assets.