Insurance giant Legal and General has acquired land to build Brighton’s first build-to-rent development, an £80 million scheme that will include 200 homes catering for ‘all types of residents,’ the company announced.
Currently an industrial space, the new development will have up to 3,000 square meters of office space for start-ups and growing businesses.
‘The UK needs urban centres that are fit for purpose and can support a creative, sustainable community like Brighton,’ said James Lidgate, CEO at Legal and General Homes. ‘Our build-to-rent pipeline is growing at a apace and it is exciting to see the impact that our developments are making to our UK cities.
A shortage of suitable accommodation in the city means that demand is high for this kind of development. ‘Brighton is a vibrant city where people want to live and work. This acquisition represents a rare opportunity to acquire land in an unrivalled location and to deliver the first institutional grade build-to-rent scheme,’ said Dan Batterton, fund manager at Legal and General.
GRE Assets has a major residential development at Brighton Marina
