Legal & General (L&G) has exchanged contracts on a site in Woolwich that will be the developer’s largest build-to-rent purchase to date.
L&G, alongside PGGM and LGIM Real Assets, has acquired a 21,000 sq ft site that will include more than 650 build-to-rent properties when completed.
The site, known as Macbean, is located near the Woolwich Arsenal Overground station and is L&G’s third build-to-rent scheme in London, with the developer also currently delivering schemes in Walthamstow and Croydon.
The Macbean development will add to L&G’s build-to-rent pipeline of around 3,000 homes across nine UK schemes. L&G also aims to have 6,000 homes in planning, development or operation by 2019.
Earlier this year, L&G said it had an aim of delivering at least 3,000 a year by 2022 and that it wanted to be the “leading affordable housing provider in the UK”.
L&G is also planning to deliver thousands of new homes through its modular housing factory in Selby near Leeds, with the first homes to be delivered from the factory later this year.
L&G capital director of housing James Lidgate said: “This latest development, our largest build-to-rent acquisition to date, is another step forward for L&G in its ambitions to tackle the severe housing shortage that the UK is facing, helping to address the significant supply and demand imbalance – both in the Borough of Greenwich and across London as a whole.”