Leeds is next stop for Legal & General Build to Rent project

Legal & General has announced that its fifth Build to Rent scheme will be in Leeds.

The site, Mustard Wharf, has permission for 250 homes as well as commercial and amenity space.

Legal & General says the scheme will cost in the region of £60 million and construction is expected to commence in early 2018.

The firm's other Build to Rent sites are in Bristol, Bath, Walthamstow and Salford.

The Salford scheme is set to welcome its first residents next month.

Legal & General's pipeline of Build to Rent units now exceeds 1,400 with a gross development value of £420 million.

The firm says its total investment capacity in the Build to Rent sector stands at circa £1 billion.

“This latest acquisition supports our vision of investing in long term sustainable urban schemes that support wider urban regeneration to transform and reshape Britain’s landscape," says James Lidgate, director of housing at Legal & General Capital.

"When complete, Mustard Wharf will provide well-connected, high-quality housing which is essential for supporting the UK’s economic position and driving future growth.”

Last week, another firm working in the Build to Rent sector, Atlas Residential, announced that it has appointed Dominic Martin as director of operations.

Martin will oversee the expansion of Atlas' UK property management and operations business.

Atlas is currently involved in two Build to Rent projects in Southampton and Birmingham, bringing a total of over 600 units to the market.