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Sat December 15 2018

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British Land joins build-to-rent drive

14 Nov A day after Land Securities revealed plans to build 4,000 built-to-rent flats in suburban London, another big commercial property developer has revealed similar plans.

British Land chief executive Chris Grigg
British Land chief executive Chris Grigg

British Land says that it has identified opportunities for 4,000 to 5,000 housing units across its existing property portfolio in London and the southeast. These sites include Canada Water in London’s Isle of Dogs.

British Land is also in exclusive negotiations to acquire a private rented sector operator, it disclosed, to add scale and operational expertise to its emerging build-to-rent business.

Chief executive Chris Grigg said: “Build-to-rent is a new area of focus for British Land but is complementary to our existing expertise and is an important part of our mixed use vision. The market is underpinned by sound fundamentals, with housing generally undersupplied relative to demand and ability to buy constrained, making renting an attractive option for a growing number of people.  Added to this, ownership is relatively fragmented, creating an opportunity for professionally-managed, quality space especially in London and the southeast.”

Yesterday we reported that Land Securities is planning to build more than 4,000 homes on its suburban London retail sites. It intends to submit planning applications in the coming months for £1bn of mixed-use schemes at Finchley Road and Shepherd's Bush.

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