Legal & General (L&G) and Glenbrook have announced the funding of a £140 mln (€159 mln) 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.
The Whitehall Riverside development will be made up of residential apartments, all designed for rental occupancy.
The development consists of a mix 1, 2, and 3-bed flats and includes resident facilities such as a concierge, lobby, gym, podium gardens and terraces. The project resides on the banks of the river Aire and includes ground floor retail and 60 parking spaces.
Adam Burney, head of annuity build to rent (BTR) at Legal & General Investment Management Real Assets: '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.'
Ian Sherry, director at Glenbrook, added: '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.'
Responding to enduring regional demand for high-quality rental property, the development sits within a new residential and business district in Leeds City Centre.
As part of the wider masterplan for Whitehall Riverside, the development will act as a catalyst for the creation of a new mixed-use riverside destination, L&G said.
With ESG at its core, the impact of the Whitehall Riverside scheme – both on the environment and local community – has been prioritised in design proposals. The development has been designed to achieve BREEAM Excellent and HQM (Home Quality Mark) Level 4, as well as an ambition to be operationally net zero carbon by 2030.
The public realm and landscaping proposals, which include a new riverside green and over 100 new trees, with the aim to deliver a significant bio-diversity net gain and improve environmental resilience – seeking to enhance the community for both existing and prospective residents.
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) BTR Fund.
L&G were advised by Savills and Glenbrook were advised by CBRE.
