Legal & General Investment Management Real Assets has won planning consent for its 255-unit build-to-rent scheme in Bristol city centre.
Bristol Council approved plans for the ND7 site in the Temple Quay Enterprise Zone near Temple Meads Station. ND7 forms part of a wider £200m investment by Legal & General in Bristol. It is also behind the new Glass Wharf office development, which HMRC will be moving into.
Dan Batterton, BTR fund manager at LGIM Real Assets, said: “In Bristol there are increasing numbers of people needing to rent and an urgent need for high-density city centre rental accommodation.”
Assael Architecture will be the architect on the scheme.
L&G bought the site in February 2016 for £4.7m from Squarebay. It was the first purchase from its newly announced partnership with PGGM, which intends to invest more than £1bn into the UK rental sector. It currently has more than 1,000 BTR homes under construction or in planning, with an initial aim of building more than 4,000.
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