One of the country’s largest Build To Rent players, Legal & General, says it’s to construct another 350 homes as part of a £150m regeneration scheme in Sheffield.
In addition there will be offices, a multi-storey car park and public spaces.
Legal & General has already invested billions of pounds into urban regeneration projects across the UK, including working with councils in Cardiff, Salford, Newcastle and Sunderland; Sheffield council will be a partner in this latest scheme.
A council spokesperson says: “It may not be at the forefront of everyone’s minds in these difficult and challenging times [but] it is really important that we don't forget to invest in the future of our city and continue to support developments for when Sheffield emerges from the Covid-19 pandemic.”
Recent figures show a 12 per cent increase in the number of Built To Rent homes across the UK that have been completed, are under construction or at the planning stage.
Data from the British Property Federation shows that those three categories add up to 157,512 BTR units.
Between Q1 2019 and Q1 2020, the number of completed BTR homes rose by 42 per cent while the number under construction decreased by 11 per cent and the number in planning jumped by 12 per cent.
Outside of London, the sector continues to see a significant rise in the number of homes completed with a jump of 58 per cent in the last 12 months across the regions.