£60m Leeds PRS site snapped up by L&G
A £60m private rented sector development in Leeds at Mustard Wharf has been acquired by Legal & General.
L&G will start on site at Mustard Wharf in 2018, with practical completion set for early 2020.
It has acquired the site from U+I in partnership with CTP. It has planning for 250 homes as well as 8,640 sq ft of commercial and amenity space.
The central site is situated on Granary Wharf, and is part of the wider South Bank development.
L&G has raised £1bn to invest in the build-to-rent sector, and the Mustard Wharf development is the fifth UK city to which it is bringing the rental offer.
L&G has a pipeline of more than 1,400 PRS units, with an expected gross development value across the portfolio of £420m.
It said its existing sites in Bristol, Bath and Walthamstow are progressing well and its first scheme in Salford is due to welcome its first residents at the start of June.
Dan Batterton, BTR Fund Manager at LGIM Real Assets, said: “In our view Mustard Wharf is the ideal location for a BTR scheme in Leeds.
“We are excited that we are going to create a new standard of rental accommodation and service in a thriving community.”
James Lidgate, director of Housing at Legal & General Capital, said: “This latest acquisition supports our vision of investing in long term sustainable urban schemes that support wider urban regeneration to transform and reshape Britain’s landscape, bringing jobs and housing back into the centre of cities and better utilising our existing infrastructure.
“When complete, Mustard Wharf will provide well-connected, high-quality housing which is essential for supporting the UK’s economic position and driving future growth.”
