It has been announced today that Legal & General will be creating 170 new Build to Rent homes in Bath. This new home plan is being carried out as part of a wider intention to address the housing demand in the UK. It has already been revealed that there is a housing shortage within the UK and developers all around the nation will be looking to take advantage of this new construction opportunity. This development in Bath has acquired a city centre development site for £47.5 million, and means that Legal & General now has a total of 70,000 housing units in their pipeline. Out of these, 1,200 are set aside for the Build to Rent market.
This Bath development will be Legal & General’s fourth Build to Rent scheme. The company’s other schemes are located in Bristol, Salford and Walthamstow. These other developments are at different stages of progress, but are said to be developing well. These schemes are all a part of the £1 billion investment in to developing new and large scale rental development properties. It is hoped that these new Build to Rent schemes will provide rental income for pension funds in order to pay the company’s pensioners. The schemes will also create an economic stimulus for the urban regeneration areas in the UK as well as creating new jobs and growth. Legal & General has invested a total of £10 billion in to the infrastructure of the UK so far, and aims to invest a total of £15 billion.
The Bath development, Roseberry Place will be ideally located on brownfield land within the Bath City Riverside Enterprise Area. This development site will be on the side of the river and can represent the best opportunity to accommodate new growth and development in the city. The brownfield site will be made up of 171 apartments, 126 car parking spaces, and 17,000 square feet of retail space.