Legal & General has forward funded a £132m build-to-rent scheme in Southampton, Hampshire.
Legal & General Investment Management, on behalf of its L&G retirement business, has provided the funding to developer Tellon Capital and will take over ownership and operation of Bargate Quarter once it completes.
The development is built around Southampton’s city walls and the Bargate, a 12th century gatehouse. It will provide 519 new homes comprising a mix of studios, one-, two- and three-bed units, along with around 26,000 sq ft of ground-floor commercial space.
Adam Russell, senior residential transactions manager at LGIM Real Assets, said: “Southampton is home to a number of major businesses, life science, education hubs, and financial services companies, yet there is a structural undersupply of housing; demand truly outweighs supply. We are excited to play a part in delivering much-needed new homes, and more widely, support the city’s regeneration.”
Construction of the scheme has started and is scheduled for completion in late 2024 or early 2025.
Tellon Capital was advised by Lewis & Partners, Colliers, and LRAlternatives; Knight Frank acted for Legal & General.
To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews
