Legal & General on Tuesday backed its biggest build-to-rent deal after snapping up land for a £500 million project in Wandsworth in a bid to help ease the capital’s housing crisis.
The investor, which is looking to cater for Londoners priced off the housing ladder, has teamed up with Dutch asset manager PGGM to buy two sites across six acres.
Around 1000 homes will be built near Wandsworth Town rail station solely for rent.
The scheme also includes 35% affordable housing and extensive commercial space which could be used for shops, cafes or gyms.
Dan Batterton, head of build-to-rent at L&G, said: “This flagship development is another step forward towards tackling the severe housing crisis facing both London and the UK, offering homes for all ages and social groups.”
Construction is due to complete in 2023. The sites were acquired from private sellers. Property agent JLL and Colliers International advised on the deal.
L&G's first London build to rent scheme, Blackhorse Mills in Walthamstow, will open in the Autumn.
