Legal & General has announced the completion of New Acres, delivering one of the UK’s largest purpose-built rental developments.
The sites are located on either side of Swandon Way, Wandsworth, and include amenities for residents, workspaces, commercial opportunities at street level, as well as substantial public realm, including 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 (BTR) scheme to date.
Due to the supply-demand imbalance in the city, the Mayor of London’s latest Strategic Housing Market Assessment (SHMA) identifies that the net unmet housing need in London has now reached a shortfall of 66,000 homes per year. Through the creation of a BTR asset class, L&G is looking to use its sources of long-term capital to help address the chronic lack of housing supply and meet the increasing demand for sustainable, quality rental accommodation.
New Acres is now a significant contributor to tackling this shortage, providing purpose-built rental homes for all ages, demographics, and social groups. The scheme also includes 35% affordable housing within one of Central London’s most established and popular residential areas. As such, it continues to experience significant demand and is over 75% let.
Dan Batterton, head of residential, private markets, L&G Asset Management: “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.”
Situated adjacent to Wandsworth Town station, a major transport hub, New Acres is integral to a broader plan aimed at developing modern, consumer-focused areas. This initiative seeks to foster a vibrant community for its 1,500-plus residents and the local area by activating over 50,000 sq. ft of commercial space.
Phil Catcheside, Residential Sector Lead, Hawkins\Brown: “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 1,000 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.” The completion of New Acres is a testament to L&G’s long-standing commitment to developing and delivering rental properties; most recently demonstrated by the firm’s new partnership with PGGM and UK pension scheme Nest, which is expected to grow to a BTR portfolio of £1bn over the coming years. Since 2016, L&G has deployed over £3bn of capital into the Build to Rent sector, delivering over 6,000 homes amid sustained demand for high-quality rental housing.”
Read the orginal article: https://propertyindustryeye.com/legal-general-completes-flagship-build-to-rent-scheme-in-london/
