Brighton is the latest major destination to join the Build to Rent revolution, with over 200 new homes for renters set to be built right by the seaside city’s train station.
Legal & General – a significant player in this emerging market – recently announced that its plans to develop the Longley Industrial Estate into Brighton’s first Build to Rent scheme have been approved. It originally acquired the land in early 2018.
Once complete, it will provide over 200 homes for renters in a central location, just 200 metres from Brighton train station. Nestled between New England Street and Elder Place, the development will also offer 3,270 sq metres of commercial space, to accommodate either a single occupier or arranged as incubator space to support start-ups and SMEs.
In addition, as part of the overall plans, a £746,000 contribution is being made by Legal & General ‘towards the enhancement of the public realm’ along Elder Place.
Brighton, often known informally as London-on-sea, has attracted an increasing number of young professionals, creatives and start-ups in recent years, and is also home to a significant student population. Legal & General said this new scheme will play a vital role in supporting the city’s growing demand for rental accommodation.
“Brighton is an ever-growing city where people want to live and work,” Dan Batterton, head of Build to Rent at LGIM Real Assets, commented.
“As a major employer in the area, we are delighted to have received permission to begin developing this scheme, transforming a rare warehouse brownfield site into a vibrant new place whilst helping to tackle Brighton’s shortage of housing.”
He added that the UK needs ‘urban centres that are fit for purpose’ and can support a creative and sustainable community such as Brighton.
“We are pleased to be bringing the BTR concept to the city, demonstrating that renting can be an aspirational choice and supporting the workforce with the quality homes they deserve,” Batterton concluded.
Legal & General, which first entered the Build to Rent sector in 2016, now has 11 schemes in operation or development across the UK, including in Glasgow, Chelmsford, Leeds, Woolwich, Salford, Bath, Birmingham and Bristol.
It currently has a pipeline of around 3,700 Build to Rent homes and has said before that it hopes to have 6,000 homes in planning, development or operation by the end of 2019.