Legal&General secures latest build-to-rent site in Leeds
A new build-to-rent project will soon be launched in Leeds by Legal and General. The firm has gained permission for its fifth such site, which will see 250 purpose-built homes constructed at Mustard Wharf.
With this latest edition to its plans, Legal and General is now expected to deliver more than 1,400 build-to-rent properties in the UK over the next few years. The site in Leeds will combine residential units with 8,640sq ft of commercial and amenity space.
Located in the centre of the city, Mustard Wharf, which is to be constructed at Granary Wharf, will be just a five-minute walk from Leeds Train station, offering great rental opportunities for commuters. The site is already surrounded by homes, retail and leisure units, meaning it is sure to benefit from the existing popularity of the area.
It is expected that construction on the 360 million build-to-rent project will begin early next year, with plans set to see work completed early in 2020.
James Lidgate, director of housing at Legal and General, 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.
"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.”
Legal and General's pipeline of build-to-rent properties now has a gross development value of £420 million. However, this is not the full investment that the firm can put into the sector, as it says it currently has £1 billion to put into creating new homes. It is hoping that the new projects will provide the UK with affordable and high-quality rental properties to meet current high demand in the sector.
Build-to-rent schemes are focused on key urban areas that offer easy access to transport hubs. Those being targeted by the firm are large-scale, offering 150 residential units or more in a bid to offer better economy and a greater level of choice for residents.