Pension fund to fund delivery of more than 300 build-to-rent homes
Legal & General is to build more than 300 homes for rent as part of a £400m regeneration of Cardiff’s Central Square district.
The finance giant said today that it had exchanged contracts with the Welsh government and property developer Rightacres Property to complete the final phase of the project, which it said was the largest privately-funded development in Wales.
The last phase will feature 318 apartments, plus a new bus terminus and 100,000ft² of office space.
Speaking about the deal Dan Batterton, head of L&G’s Real Assets operation, said the scheme would help address the shortage of housing in the city, “offering high quality, affordable homes on long-term flexible leases for elective renters”.
L&G is currently building more than 1,100 homes in Wales and the south west, including nearly 900 homes in Bristol, Bath and Cardiff and around 300 homes as part of its first urban retirement living scheme, part of its Guild Living operation, in Bath.
The firm said that it was also in “active discussions” to deliver more mixed-use regeneration scheme across the region, including Bristol Temple Island.
Last month L&G announced it had struck a £4bn deal with Oxford university to build 3,000 new homes across the city; 1,000 subsidised homes for university and college staff, 1,000 graduate homes and a further 1,000 market homes.
And in May L&G announced what it said was its largest build-to-rent scheme to date after it bought two sites in Wandsworth, south London. The £500m 1,000-home development already has planning and will include 35% affordable housing, including shared ownership.
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