BLP Insurance has been awarded a new contract with Legal & General to underwrite the Mustard Wharf Build to Rent (BTR) development in Leeds.
The Leeds site was acquired from U+I in partnership with CTP in 2017, and has consent for the construction of 247 homes, 8,640 sq ft of commercial and amenity space, along with commercial and amenity space for offices, restaurants, and other leisure facilities.
Located at Granary Wharf, an established riverside location in the Holbeck area of the city, the Mustard Wharf development by Legal & General is currently under construction, with completion expected in Q4 2020.
The BTR market has played a key role in boosting the residential construction sector in recent months, with a 34% year-on-year rise in completed homes in Q1 2019, according to Savills.
Dan Batterton, head of Build to Rent at LGIM Real Assets, said: “We’re looking forward to seeing the completion of this exciting regeneration project at Granary Wharf and its contribution to the local community.”
The Mustard Wharf development with Legal & General marks one of many national BTR schemes being underwritten by BLP Insurance.
Phil Harris, director of sales at BLP Insurance, commented: “The Mustard Wharf project is a shining example of how the UK BTR market is thriving across all regional urban hubs.
“BTR projects successfully combine a reliable business model with secure financing that is attractive for investors and provide much needed homes to the market. We’re pleased to be playing a role in the Mustard Wharf development and the growth of the BTR sector.”