LGIM Real Assets appoints urbanbubble to help deliver a build-to-rent scheme in Salford
LGIM Real Assets has appointed residential property managing agent urbanbubble to help deliver a build-to-rent (BTR) scheme for L&G at The Slate Yard in Salford.
The 225-unit scheme opens in early summer 2017 and aims to offer residents a lifestyle that they would otherwise not have access to including a car club and free wifi.
Renters will be free to decorate their properties, keep pets and add bespoke services such as housekeeping, dry cleaning or ironing service.
The aims is to offer longer and more flexible tenancies, reduced moving costs, no letting fees and a more transparent deposit process.
An onsite team will provide proactive maintenance and staff trained by customer services experts will be on site 24-7.
Michael Howard, managing director of urbanbubble added: “I am thrilled with the partnership with LGIM Real Assets and urbanbubble, especially with the inaugural BTR scheme, The Slate Yard, being right here in the North West. I have been a vocal advocate of Build to Rent since 2011 as it fixes what I believe is a broken market where the customer has limited choice or power on the standard of service. We are so excited at the brief from LGIM which fits naturally with our own vision and culture and we can’t wait to launch The Slate Yard and share the experience a BTR scheme can provide for its customers.”
Tina Clinton, head of PRS at urbanbubble, added: “We share the same values and passion as Legal & General to make our cities a better place to live. Together we are committed to providing communities which our customers are proud to call their home, providing security of tenure, whilst remaining flexible to meet their every need.
“Since our conception back in 2008, urbanbubble has always had one core principle which was to place our customers are at the heart of everything we do. Our promise for the private rental market is one of aspirational living, within a community where people are genuinely cared for and first-class facilities and homes are provided.
“The first scheme is due to launch off-plan towards the end of March 2017. The urbanbubble team looks forward to working closely with L&G on this unique, proposition, engaging with our new customers and is excited to deliver a market leading service.”
Legal & General, through Legal & General Capital and LGIM Real Assets, entered the BTR market in 2016, in partnership with PGGM. Legal & General now has a fund of circa £1 billion to invest in and build new large-scale rental development properties. It has over 1,000 build to rent homes under construction or in planning in Bristol, and Walthamstow, as well as Salford.
Dan Batterton, BTR Fund Manager, LGIM Real Assets said: “The UK rental landscape has changed in recent years with greater numbers of people renting, but with varied experiences. We can create healthy competition and improve standards across the rental market with higher, more transparent and consistent levels of service offered by institutional-backed operators. urbanbubble shares our vision of wanting to deliver a new standard of service to this market so we can provide homes for each individual rather than a one-size-fits-all flat to rent.
“This new level of service will allow for all types of tenants’ needs and give them choice. This means that families can benefit from keeping their own pets, having a community around them, and occupational security from flexible tenancies. This new standard will help make renting an active choice for all UK residents.”