Legal & General has announced that it has exchanged contracts on two adjacent sites in Wandsworth, south central London which will combine to deliver its largest Built To Rent (BTR) scheme to date.
The scheme has been acquired by the Legal & General BTR Fund, PGGM and Legal & General Capital. With an anticipated Gross Development Cost of £500m, the site will be a flagship BTR development in the UK, providing around 1,000 homes and 85,000 sq ft of commercial space. The scheme has full planning consent which includes 35% affordable housing within one of Central London 's most established and popular residential areas.
Demand for rental property has continued to grow in the UK, having increased 34% over the last five years, according to Savills. Due to the supply/demand imbalance in the local area, the latest London Plan identifies that the unmet housing need in Wandsworth has now reached a shortfall of 2,310 new homes per year. Legal & General's new scheme will be a significant contributor to tackling this shortage, providing purpose-built rental homes with long leases for all ages, demographics and social groups.