Legal & General funds £100m Birmingham build to rent project

Legal & General funds £100m Birmingham built to rent project
Image: Courtesy of Legal & General

Legal & General has agreed the funding of a £100 million development site at Hockley Mills, within the Jewellery Quarter Conservation Area in Birmingham town centre, on behalf of its Build to Rent (BTR) and Access Development Partnership, a joint venture between Legal & General Capital and PGGM.

Marking the 16th BTR site and second in Birmingham for the Legal & General Build to Rent(BTR) Fund, the Hockley Mills development takes its total investment in the sector to £2.1 billion.

”In the space of the last few years, the BTR sector has really come into its own.  It has cemented its position in the UK as an asset class and successfully evolved away from the private rented sector.  Showing its resilience and relative counter cyclical nature of the residential sector, BTR has remained largely unaffected throughout the coronavirus pandemic, as occupancy, rent collection and demand has remained high,” said Dan Batterton, Senior Fund Manager, BTR, LGIM Real Assets.

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”The Hockley Mills development further strengthens our existing portfolio, bringing our total number of schemes to 16 in eleven cities providing more than 5,300 apartments.  The scheme will deliver high-quality, professionally-managed rental accommodation that can help to address the supply demand imbalance in Birmingham.”

Located centrally in one of the most sought after residential districts in the West Midlands and adjacent to both rail and tram links, the scheme will deliver 395 apartments; one, two and three bedroom, alongside a new entrance to the Jewellery Quarter train station, 116 car parking spaces and 28,000 sq ft of flexible commercial space for retail, leisure and offices.