City centre secures its largest Build to Rent funding deal to date

Legal & General and Glenbrook today confirmed the funding of a £140m residential development in Whitehall Riverside in Leeds, committing to the delivery of 500 new homes.

This marks the third scheme funded by L&G in the city and, upon practical completion, will bring the number of new rental homes it has delivered in Leeds to over 1,000.

Glenbrook is leading the development of the Whitehill Riverside scheme, with completion expected in April 2026.

Whitehall Riverside will be made up of residential apartments, all designed for rental occupancy.

The development consists of a mix of one, two, and three-bed flats and includes resident facilities such as a concierge, lobby, gym, podium gardens and terraces.

The project is on the banks of the river Aire and includes ground floor retail and 60 parking spaces.

As part of the wider masterplan for Whitehall Riverside, the development is intended to act as a catalyst for the creation of a new mixed-use riverside destination.

Public realm and landscaping proposals, which include a new riverside green and over 100 new trees, aim to deliver a significant bio-diversity net gain and improve environmental resilience.

The investment follows L&G’s acquisition of Mustard Wharf BTR site in 2017 and Tower Works in 2021 – both of which sit within Legal & General Investment Management’s (LGIM) Build to Rent Fund.

L&G was advised by Savills and Glenbrook was advised by CBRE.

Adam Burney, head of annuity BTR at Legal & General Investment Management Real Assets, said: “The BTR sector has continued to see substantial and sustained growth in recent years, as investors continue to be attracted by burgeoning demand for high quality rental property in the UK.

“We’re pleased the asset class has proven resilient through recent macro-economic pressures – this latest scheme reaffirms our confidence in the market, as well as the growth prospects of city centres like Leeds.

“The Whitehall Riverside development has been designed with a focus on lifestyle and resident satisfaction, aiming to ensure quality, operational efficiency, and long-term environmental sustainability that meet the needs and aspirations of residents.”

Ian Sherry, director at Glenbrook, said: “To have secured the largest funding deal Leeds has seen, against such challenging economic conditions, demonstrates the strength of the investment proposition we have created here at Whitehall Riverside.

“This will be a best-in-class residential scheme on one of the most prominent sites and locations in the city.

“L&G’s continued commitment to both Leeds and to Whitehall Riverside is a further demonstration of their belief in the quality of the scheme, the city’s residential market and acknowledges the clear demand for well-managed, highly sustainable, purpose-built accommodation.”

Andrew Kail, CEO of Legal & General Retirement Institutional, said: “Today’s announcement showcases our commitment to deliver positive social outcomes across the UK.

“By investing in the growth of residential areas, such as the Whitehall Riverside development in Leeds, we are supporting a truly vibrant city that hosts key economic and employment sectors such as healthcare, life sciences, digital technologies, advanced manufacturing, as well as financial and professional services.”