Legal & General buys largest BTR site in Woolwich

Legal & General has announced that it has exchanged contracts on its largest Build To Rent (BTR) site to date located in Woolwich, London. This scheme has been acquired by co-investors Legal & General Capital and PGGM, as well as pension fund capital raised by LGIM Real Assets through its open-ended BTR fund.
 
This site, known as Macbean, is Legal & General’s third BTR scheme in London, with existing developments progressing in Walthamstow and Croydon. With a total BTR pipeline of around 3,000 homes across nine schemes countrywide, Legal & General aims to have 6,000 homes in planning, development or operation by the end of 2019.
 
Located near Woolwich Arsenal Overground Station, the brownfield site has been identified as one of the last development opportunities of scale opposite a Crossrailstation, within one of the highest growth areas along the new rail line. Woolwich, within the Borough of Greenwich, is benefiting from intensive regeneration and significant investment in housing, transport, retail and leisure, and has become an increasingly aspirational location. With the improved transport infrastructure, the area needs a greater supply of housing to meet growing demand. According to the government’s Objectively Assessed Housing Need consultation, 3,313 additional homes are required each year in the Borough. The Macbean development will be a significant contributor to this chronic shortage of housing.
 
Subject to planning approval, the scheme is projected to deliver over 650 new homes, together with 21,000 square feet of commercial space and a new public square. The development will comprise both private and affordable rental homes, split between London Living Rent and Discount Market rent.
 
Through the creation of a BTR asset class, Legal & General is looking to use its sources of long-term capital to help address the chronic lack of housing supply and meet the increasing demand for affordable, quality rental accommodation. Legal & General is involved in housing creation across the spectrum, backing a fast-growing pipeline of over 80,000 new homes over the next five to 10 years to provide high-quality, affordable accommodation at all stages of life. 
 
Legal & General was advised by Colliers International on this acquisition.