Green light for LGIM Real Assets’ Build to Rent scheme in Bristol city centre
Bristol City Council has approved LGIM Real Assets’ plans for a 255-unit Build to Rent (BTR) scheme in Bristol city centre.
ND7, the first BTR development to receive planning committee support in Bristol, is located within the Temple Quay Enterprise Zone. It will provide homes for elective renters that will support them for the long term, offering a level of flexibility and choice that currently isn’t available in Bristol says LGIM Real Assets.
Sustainability will be at the heart of the development’s design with green infrastructure incorporated into the development. Options to embed energy generation, reduce energy consumption, appropriately resource sensitive materials, optimise water and waste efficiency, and mitigate pollution during construction will all be incorporated. Assael Architecture will be the architects on the scheme.
Legal & General, through Legal & General Capital (LGC) and LGIM Real Assets, entered the BTR market in 2016, in partnership with PGGM. Committed to raising the standard of UK renting across the board, LGIM Real Assets BTR fund, alongside LGC and PGGM, has £1bn to invest in developing new large scale rental development properties. It currently has over 1,000 BTR homes under construction, or in planning, with an initial aim of building over 4,000.
To date Legal & General has invested £8 billion in UK infrastructure, direct investments and urban regeneration projects, aiming to invest over £15 billion. Long-term capital is used to invest in the new assets, providing rental income for pension funds.
Dan Batterton, BTR fund manager, LGIM Real Assets: “In Bristol there are increasing numbers of people needing to rent and an urgent need for high density, city centre, rental accommodation. It is great news that this innovative scheme has been approved by Bristol City Council, who recognise that ND7 will make a major contribution towards Bristol’s rental housing supply.”
ND7 forms part of a wider £200 million investment by Legal & General in Bristol. As well as Bristol, Legal & General has BTR schemes in Salford and Walthamstow.