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L&G to deliver build-to-rent scheme in Brighton
Legal and General (L&G) has acquired land for a build-to-rent scheme in Brighton city centre.
Subject to planning approval, the investor giant intends to build 200 homes and up to 3,000 square metres of commercial space on the site, which is currently an industrial estate.
The scheme will be the first of its kind in Brighton and would meet a third of the council’s annual housing target.
L&G already has build-to-rent developments in Walthamstow, Bristol, Edinburgh, Salford, Bath and Leeds, with a pipeline of nearly 2,000 homes.
It hopes to have 6,000 units in operation, development or planning by the end of 2019.
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Capital for the £1bn project has been raised through L&G’s pension fund, as well as a £600m joint venture with Dutch pension provider PGGM.
James Lidgate, chief executive of Legal & General Homes, said: “The UK needs urban centres that are fit for purpose and can support a creative, sustainable community like Brighton.
“Our [build-to-rent] pipeline is growing at pace and it is exciting to see the impact that our developments are making on our UK cities.”
L&G is also developing 2,500 homes on two sites in Berkshire and remains in the process of setting up a huge modular housing factory.
