Legal & General continues to expand its Build to Rent (BTR) offer as it announces, on behalf of its Build to Rent Fund (BTR Fund) and Access Development Partnership (a joint venture between Legal & General Capital and PGGM), that it has agreed to the funding of a £57m development site at Tower Works in Leeds City Centre.
This follows the £100minvestment to develop Hockley Mills, a 400 apartment scheme in Birmingham.
Leeds is one of the UK’s largest cities in terms of population and economic output, yet supply of housing in the city centre has been severely constrained over the past decade.
Current housing stock is unable to meet the growing demand for rental accommodation. Recognising the prospect for rental growth in Leeds, Legal & General has acquired two BTR sites in the city centre; Mustard Wharf in 2017, and now Tower Works. Both sites are central to the landmark South Bank regeneration area, and together will deliver 500 homes, offering one, two and three bedroom apartments, alongside over 16,000 sq. ft. of commercial space.
Dan Batterton, Senior Fund Manager, BTR, LGIM Real Assets said: “We continue to invest throughout the UK and demonstrate the need for homes with functional space to work, alongside convenient access to local cultural and leisure amenities.”
Adam Burney, Partner in the Residential Capital Markets team at Knight Frank: “Legal & General’s latest investment in Tower Works, Leeds, which closely follows its £100m investment in Hockley Mills in Birmingham, further demonstrates its continued commitment to the regions, and the growing strength of regional hubs across the UK. These developments will provide high quality, well managed housing for the local workforce, as we return to a more active economic environment.”
Richardson and Ask Real Estate Ltd will act as developers at the Tower Works site in Leeds – delivering the 245 apartment scheme. Works will start on site in the coming months.
Legal & General was advised by global property consultancy Knight Frank.