Legal & General has announced that it will be creating 220 new Build to Rent (BTR) homes in Birmingham, as part of its wider approach to address the UK’s housing shortage, having acquired a prime city centre development site.
Legal & General now has a total housing pipeline of more than 70,000 units, of which just over 1,700 are BTR homes with an expected gross development value across the portfolio of over £470m.
This is Legal & General’s sixth BTR scheme, with existing sites progressing well in Leeds, 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.
The Birmingham site, known as Newhall Square, has consent for the construction of 220 homes as well as 7,500 sq ft of commercial and amenity space, together with a public square and 61 car parking spaces.
James Lidgate, director of housing at Legal & General Capital, said: “With a growing population that is living younger for longer, the strong gravitation of people back into areas of high population density where they can live, work and socialise productively is speeding up.
“The UK needs urban centres that are fit for purpose and can support vibrant, sustainable communities. To do this, we need to ensure that high-quality, well connected housing options are carefully integrated into the public realm, maximising our existing infrastructure and supporting economic growth.”