Legal & General has exchanged contracts on its largest build-to-rent (BTR) site to date located in Woolwich.
The scheme, which has been acquired by co-investors Legal & General Capital and PGGM, as well as pension fund capital raised by LGIM Real Assets through its open-ended BTR fund, is set to feature more than 650 new homes, together with 21,000sqft of commercial space and a new public square, subject to planning consent.
The development, known as Macbean, will comprise both private and affordable rental homes, split between London Living Rent and Discount Market rent.
Dan Batterton, BTR fund manager at LGIM Real Assets, said: “Macbean is another great example of Legal & General investing in a location with significant urban regeneration potential and providing large scale sustainable rental schemes which will have a positive long term socioeconomic impact.
“The location is highly desirable for renters and, with over 650 units planned for the site, is of a size which will offer significantly reduced living costs thanks to economies of scale.
“Given the notable infrastructure developments in the area, such as Crossrail, it has been a target location for us to expand our BTR offering and we remain firmly on track with our growth plans.”
This is Legal & General’s third BTR scheme in London, with existing developments progressing in Walthamstow and Croydon.
With a total BTR pipeline of around 3,000 homes across nine schemes countrywide, Legal & General aims to have 6,000 homes in planning, development or operation by the end of next year.
James Lidgate, director of housing at Legal & General Capital, said: “As the UK’s population continues to grow and renting becomes a tenure of choice, delivery of high density, high quality developments with vibrant communities is becoming more and more important.
“This latest development, our largest BTR acquisition to date, is another step forward for Legal & General in its ambitions to tackle the severe housing shortage that the UK is facing, helping to address the significant supply and demand imbalance – both in the Borough of Greenwich and across London as a whole.”