Legal & General has exchanged contracts on two adjacent sites in Wandsworth which it will use to deliver its largest build to rent (BTR) scheme to date.
The six acre site next to Wandsworth Town railway station and currently occupied by commercial uses already has full planning consent. It has a gross development value of £500m and as well as 1,000 homes, 35% affordable, it will provide 85,000 sq ft of commercial space.
Legal & General
describes it as a ‘flagship build to rent scheme’ for the company. Paul Miller,
MD Principal Investing at Legal & General Capital, said: “As renting
continues to become a tenure of choice in the UK, the delivery of high density,
high quality developments with vibrant communities is becoming more and more
He continues: “This latest
development in Wandsworth, our largest BTR acquisition to date, is a perfect
example, offering 1,000 new rental homes alongside improving the station
infrastructure and offering commercial real estate space to support local
Build to rent has quickly been gaining traction over the last few years, aided by Government policies which favour it. While London has housing demand –and a housing shortage – on a grand scale this is a massive build to rent scheme even by the capital’s standards. It is sure to have a significant impact on the Wandsworth area market.