Development brings L&G鈥檚 BTR pipeline to 1,400 units
Legal & General (L&G) has bought a build-to-rent site in the centre of Leeds, the fifth UK city in which it is developing its rental offer.
The Mustard Wharf development brings L&G鈥檚 total pipeline of rental units to more than 1,400, with an expected gross development value across the portfolio of 拢420m.
The site, located in Granary Wharf, has permission for 250 homes, as well as 8,640ft虏 of commercial and amenity space. L&G said it expected to be able to begin construction on the 拢60m scheme in early 2018, with practical completion aimed for early 2020.
L&G鈥檚 total investment capability for the rental sector currently stands at around 拢1bn, having raised capital from major pension funds for an open-ended build-to-rent fund, plus a 拢600m joint venture investment by Legal & General Capital and PGGM. Its first scheme, in Salford, is due to see residents move in at the start of June.
L&G has also set up a huge modular housing factory in Yorkshire, from which it plans to deliver 3,000 factory-built timber homes a year for both its own and other developers鈥� schemes.
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