British Land is to go ahead with the second phase of its Aldgate Place residential scheme on the east side of the City of London, confirming the REIT’s first build-to-rent development.
The building, which was originally envisioned to cater to increased demand for city centre living, will comprise 159 BTR flats, plus 19,000 sq ft of office space and 8,000 sq ft devoted to retail and leisure.
The site will be a net-zero-carbon development, targeting a BREEAM excellent rating on its office space and a level four Code for Sustainable Homes rating. Phase 1 of the scheme was completed in 2017 and comprised 304 apartments and a 160-bedroom hotel.
Chief executive Simon Carter said: “We are excited to commit to phase 2 at Aldgate Place, our first build-to-rent development, which will be an exceptional building in a thriving part of the City.
“This is another example of us executing against our strategy, exploiting our competitive strengths in development to deliver high-quality space with a range of uses in excellent locations.”
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