The 650-unit scheme, near the Woolwich Arsenal overground station London, is known as Macbean. It is a brownfield site that has been identified as one of the last development opportunities of scale opposite a Crossrail station
Macbean becomes Legal & General’s third build to rent (BTR) scheme in London, after developments currently being built in Walthamstow and Croydon.
With a total BTR pipeline of around 3,000 homes across nine schemes countrywide, Legal & General aims to have 6,000 homes in planning, development or operation by the end of 2019.
The Macbean project has been acquired by co-investors Legal & General Capital and Dutch pension fund PGGM, as well as pension fund capital raised by LGIM Real Assets.
Subject to planning approval, the scheme is projected to deliver over 650 new homes, together with 21,000 sqft of commercial space and a new public square. The development will comprise both private and affordable rental homes, split between London Living Rent and Discount Market rent.
James Lidgate, director of housing at Legal & General Capital, said: “As the UK’s population continues to grow and renting becomes a tenure of choice, delivery of high density, high quality developments with vibrant communities is becoming more and more important. This latest development, our largest BTR acquisition to date, is another step forward for Legal & General 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.”