The insurance giant has exchanged contracts to acquire land in the centre of Brighton to deliver what will be the seaside city’s first ever build to rent (BTR) development.
Brighton becomes the seventh UK city targeted by Legal & General for its new rental business.
The site is currently occupied as industrial space. Subject to planning approval, L&G is looking to put up 200 homes and up to 3,000 m2 of commercial space arranged as incubator space to support start-ups and SMEs.
James Lidgate, chief executive of Legal & General Homes, said: “Our BTR pipeline is growing at pace and it is exciting to see the impact that our developments are making to our UK cities.”
Legal & General’s BTR business now has a pipeline of almost 2,000 homes, with the aim to have 6,000 in planning, development or operation by the end of 2019. It now has sites in Leeds, Bristol, Bath, Walthamstow, Birmingham, Salford and Brighton.