Legal & General has announced that it will be creating over 250 new Build to Rent (BTR) homes in Leeds, as part its wider approach to address the UK’s housing shortage, having acquired a city centre development site.
Legal & General now has a total housing pipeline of more than 70,000 units, of which just over 1,400 are BTR homes with an expected gross development value across the portfolio of £420m.
This is Legal & General’s fifth BTR scheme, with existing sites progressing well in Bristol, Salford, Bath, and Walthamstow.
It has £1bn of firepower to invest in developing new large scale rental development properties which will provide rental income for pension funds to pay their pensioners, and create an economic stimulus for UK urban regeneration areas, delivering new jobs and growth. Legal & General has invested £10bn in UK infrastructure, with an aim to invest £15bn.
The Leeds site, Mustard Wharf, was acquired from U+I in partnership with CTP, and has consent for the construction of 250 homes as well as 8,640 sq ft of commercial and amenity space.
James Lidgate, director of housing at Legal & General Capital, said: “This latest acquisition supports our vision of investing in long term sustainable urban schemes that support wider urban regeneration to transform and reshape Britain’s landscape, bringing jobs and housing back into the centre of cities and better utilising our existing infrastructure.
“When complete, Mustard Wharf will provide well-connected, high-quality housing which is essential for supporting the UK’s economic position and driving future growth.”