Legal & General has exchanged contracts on two adjacent sites in Wandsworth which will combine to deliver its largest build to rent (BTR) scheme to date
The scheme has been acquired by the L&G BTR Fund, PGGM and Legal & General Capital.
With an anticipated Gross Development Cost of £500m, the Wandsworth site will be a flagship build to rent 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.
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.
Through the creation of a build to rent asset class, L&G is looking to use its sources of long term capital to help address the chronic lack of housing supply and meet the increasing demand for affordable, quality rental accommodation.
This latest scheme, covering 6 acres and currently comprising home improvement outlets, will represent the first build to rent scheme in Wandsworth Town. Located within Zone 2 and adjacent to Wandsworth Town train station, the development will include a new entrance to the platforms and will form part of the major regeneration of the local area.
Paul Miller, MD principal investing at Legal & General Capital said: “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 businesses.”
