Legal & General's East London Build to Rent scheme given green light for 440 new homes
Legal & General’s plans for a major mixed use Build to Rent (BTR) development in Walthamstow have been approved by the Planning Committee of Waltham Forest Council. The scheme, which will now be passed to the Greater London Authority as part of the final approval process, is expected to deliver 440 much-needed homes on a former industrial estate in the heart of East London, close to Blackhorse Road Station.
Plans for the development include new cafes, a food store, communal working spaces, open landscaped areas and communal leisure spaces for residents. It is expected to create up to 100 long-term local jobs as well as 3,000 temporary roles over the life time of the development. The scheme will comprise five gateway buildings along the Walthamstow Wetlands, opening up access to one of London’s greatest natural habitats.
Legal & General has invested £8 billion in UK infrastructure, direct investments and urban regeneration projects, and aims to invest £15 billion. Long-term capital is used to invest in the new assets, providing income for pension funds and stimulating UK economic growth.
Dan Batterton, Fund Manager BTR, at LGIM Real Assets, said: “This decision puts us on track to deliver hundreds of new homes in East London, offering high quality yet attainable accommodation on a flexible basis to suit the lifestyles of modern renters. As part of our long-term commitment, we are also helping to open up access to the Walthamstow Wetlands for the benefit of residents and wider public. Across Legal & General’s Build to Rent platform we now have 900 homes under planning or in construction as part of plans to deliver 1000s more homes and re-establish what it means to rent in the UK.”
The Walthamstow scheme, as well as two further sites in Bristol and Salford, are being developed by Legal & General Investment Management Real Assets (LGIM Real Assets) on behalf of a joint venture between Legal & General Capital (LGC), the Group’s principal investment arm, and PGGM, the Dutch Pension Fund. The partnership was established earlier this year and will initially invest £600 million into building purpose-built private rental housing across the UK, providing more than 3000 homes.
Savills advised LGIM Real Assets and the scheme is designed by Assael Architecture.
For more information please contact:
PR Manager, LGIM Real Assets
Tel: 020 3124 2823
Notes to editors:
LGIM Real Assets:
LGIM Real Assets is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £842bn in assets on behalf of over 3,200 clients (as at 30 December 2015), providing products and solutions spanning all asset classes. LGIM Real Assets, headed up by Bill Hughes, has AUM of £21.1bn (as at 30 June 2016) and is responsible for the division’s direct investment capabilities in property and infrastructure. LGIM Real Assets is made up of three specialist divisions, Legal & General Property (LGP), its property fund management arm, LGIM Infrastructure, its specialist infrastructure lending and investment division, and Commercial Lending Limited (CLL), its commercial lending arm.