L&G/PGGM welcome first residents to residential properties

A lifestyle that renters “would not otherwise have access to” is offered by a build-to-rent scheme offered by Legal & General (L&G) with investment from the Dutch pension scheme PGGM this week.

L&G, which has been enthusiastically investing in the build-to-rent residential property sector, launched its first UK scheme in Manchester.

Families, pet owners, ‘empty nesters’ and young couples have already reserved homes and are moving in this week, the firm said.

Residents at The Slate Yard in Salford will have a 24-7 onsite team, who will attend to emergencies within a matter of hours, and who can arrange “everything from deliveries to residents’ events”.

The team also offers housekeeping services “just like a hotel”, such as picking up and dropping off dry cleaning.

Green initiatives include solar panels on the roof, which provides the building with communal lighting and power, and secure cycle storage.

There’s also a “stylish riverside residents lounge, with free coffee on tap, which offers a vibrant environment to work in, meet other residents, or entertain friends”.

Customers are also, for the first time, being offered longer and more flexible tenancies to create greater occupational security, with tenancy options ranging from six months to five years.

The development is a 225-unit scheme and is being developed in two phases.   The first phase comprises 90 apartments.

Dan Batterton, BTR [build-to-rent] fund manager at LGIM Real Assets, said:  “Our BTR vision has now come to life. For too long renters have found themselves at the mercy of expensive moving fees, unresponsive managers, and private landlords who often want to minimise upkeep costs and maximise rents.”

Mathieu Elshout, senior director private real estate at PGGM, added:  “As a responsible investor of Dutch pension capital, this is an excellent fit.” 

L&G’s total investment capability for the build-to-rent sector currently stands at about £1 billion (€1.1 billion), having raised capital from major pension funds.

L&G is also building sites in Bristol, Bath, Leeds and London.

©2017 funds europe

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