Legal & General has completed New Acres, one of the UK’s largest purpose-built rental developments.
The sites are in Wandsworth, South London, and include amenities for residents, workspaces, commercial opportunities at street level, as well as a new station square.
New Acres provides 1034 homes across 18 buildings next to Wandsworth Town Station, making it L&G’s largest Build to Rent scheme to date.
Dan Batterton, head of residential, private markets, L&G Asset Management, said: “We’re very excited to reach this milestone at our New Acres scheme.
“This has been in development since 2019, and it is a significant step to help address an enduring national housing crisis and clear imbalance of supply and demand in our local communities.
“We believe greater investment to deliver new homes is needed, therefore, the BTR sector plays a vital role in providing net-additional homes that wouldn’t otherwise exist.
“We aim to maximise our social outcomes, bring renewed life to neighbourhoods, and re-think the mixed use of real estate environments, all whilst offering long-term rental growth potential and income security for investors.”
Some 35% of the units within the scheme are marked as affordable.
Currently it’s over 75% let.
Phil Catcheside, residential sector lead, HawkinsBrown: “We are very proud to have helped Legal & General Investment Management design and deliver one of their largest Build to Rent led mixed use, mixed tenure developments, which delivers over 1000 homes, in an exciting new urban quarter for Wandsworth Town.
“We envisaged a family of buildings, each with similar characteristics but each with its own individual identity.
“We’re thrilled to have successfully delivered our largest single phase residential project through close collaboration with the contractors and our client Legal & General Investment Management.”
L&G has partnered with PGGM and UK pension scheme Nest, which is expected to grow to a Built to Rent portfolio of £1bn over the coming years.
Since 2016, L&G has deployed over £3 billion of capital into the Build to Rent sector, delivering over 6,000 homes.