Brighton will soon receive its first ever Build to Rent (BTR) development following the announcement that Legal & General has exchanged contracts to acquire land in the centre of the city.
This latest acquisition means Legal & General developments will now be represented in seven UK cities, with sites also found in Leeds, Bristol, Bath, Birmingham, Salford and East London.
The site is situated 200 metres from Brighton’s mainline train station, which provides regular and speedy train services to a number of London stations. The site, which is currently being used as industrial space, aims to deliver (subject to planning permission) 200 homes and up to 3,000 sq m of commercial space once complete. The commercial space will be used to support various business start-ups and small and medium-sized companies.
The financial services firm, which is already a significant employer in Brighton, now has a considerable stake in the BTR sector. It currently has a platform of nearly 2,000 BTR units, with proposals in place to have 6,000 in planning, development or operation by the end of 2019.
“Brighton is a thriving city with a hugely talented workforce,” James Lidgate, chief executive at Legal & General Homes, said. “The UK needs urban centres that are fit for purpose and can support a creative, sustainable community like Brighton. Our BTR pipeline is growing at pace and it is exciting to see the impact that our developments are making to our UK cities.”