Property developers Legal & General has announced it has acquired a build to rent (BTR) development in Leeds city centre from U+I.
The site at Mustard Wharf has permission for 250 homes as well as 8,640 sq ft of commercial and amenity space, and will be the fifth UK city in which L&G is developing a rental offering.
According to the developer, the new Leeds city centre site is located just five minutes from Leeds Train Station and is situated in Granary Wharf, one of the city’s foremost retail, leisure and residential areas.
Dan Batterton, BTR Fund Manager at LGIM Real Assets, commented:
“In our view Mustard Wharf is the ideal location for a BTR scheme in Leeds. It is close to major transport links and local amenities, and complements the wider regeneration of the local area, supporting job growth and the local economy over the long term.
“We are excited that we are going to create a new standard of rental accommodation and service in a thriving community.”
Work on the scheme is expected to begin in early 2018 ahead of a practical completion date of early 2020 and will form part of L&G’s sustained push into the rental sector, bringing its total portfolio value to £420m and encompassing 1,400 homes.
James Lidgate, Director of Housing at Legal & General Capital, said the firm was focused on developing sustainable urban schemes that alloy to the UK-wide regeneration currently underway across the country’s major cities.
“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.”
Written by: Billy Wood