Legal & General acquires first build to rent scheme in Scotland
29 Jan 2019
Legal & General announces that it has exchanged contracts on its first Build To Rent (BTR) scheme in Scotland as it seeks to meet the increasing demand for affordable, quality rental accommodation across the UK. Legal & General will forward fund Drum Property Group to deliver 324 apartments within Glasgow’s new Buchanan Wharf waterside regeneration area, which will also house the new Northern European hub of Barclays Bank.
Consisting of two 18 storey towers, current design iterations include dining space, a gym, a residents’ lounge and a games room. Buchanan Wharf, which overlooks the River Clyde, will also offer a 4,250 sq ft communal roof terrace and is walking distance from Glasgow Central Station and the International Financial Services District, linked by the Tradeston Bridge.
With a stated commitment to transform UK towns and cities, creating jobs and driving economic growth, Legal & General has identified Glasgow as a key target for regeneration . Over the last 10 years, the city has seen particularly low levels of residential development, compared with other major cities. Only 517 residential units were completed in 2017, falling substantially short of the 2,500 new homes needed per annum, according to Glasgow City Council.
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We are delighted to be making our first Build To Rent investment in Scotland as part of our ambition to tackle the housing shortage all across the UK. Scotland, and Glasgow in particular, has been a key target for Legal & General as part of our Future Cities initiative. We are excited to be bringing a long term sustainable rental scheme to the area to meet the demands of this vibrant and fast-growing city.
Paul Miller, MD Principal Investing at Legal & General Capital