LGIM Real Assets, a division of Legal & General Investment Management (LGIM), has announced that Bristol City Council has approved its 255 unit Build to Rent (BTR) scheme, ‘ND7’, in Bristol city centre in the UK.
ND7 is the first BTR development to receive planning committee support in Bristol and is aimed at elective renters.
'In Bristol there are increasing numbers of people needing to rent and an urgent need for high density, city centre, rental accommodation,' commented Dan Batterton, BTR Fund Manager, LGIM Real Assets. 'It is great news that this innovative scheme has been approved by Bristol City Council, who recognise that ND7 will make a major contribution towards Bristol’s rental housing supply.'
Legal & General, through Legal & General Capital (LGC) and LGIM Real Assets, entered the BTR market in 2016, in partnership with PGGM. The LGIM Real Assets BTR fund, alongside LGC and PGGM, has around £1 bn (€1.17 bn) to invest in developing new large scale rental development properties. It currently has over 1,000 build to rent homes under construction, or in planning, with an initial aim of building over 4,000.
ND7 is located within the Temple Quay Enterprise Zone, behind PWC and Burges Salmon, near Temple Meads station. Assael Architecture will be the architects on the scheme which has comprehensive sustainability aims.
ND7 forms part of a wider £200 mln investment by Legal & General in Bristol. The firm is also behind the new Glass Wharf office development, the future offices of UK tax authorities HMRC.
