On the back of its multi-award winning first Build to Rent (BTR) scheme, Legal & General today announces that it has pre-let 50% of units in its new 110,000sq ft BTR development in Greater Manchester, following the recent handover from lead developer, the English Cities Fund.
Having recently launched, the new scheme makes up the second phase of Legal & General’s Slate Yard development on the River Irwell in Salford. This comprises 135 custom-built one, two and three-bedroom riverfront apartments. Legal & General has a further 3,000 BTR units in development across eight sites UK wide, delivering on its objective to provide bespoke, quality rental stock in areas which need it.
The popularity of Phase II of The Slate Yard reflects the desire from elective renters for secure, flexible tenancies and added value services. Leases range from six months to five years and occupants benefit from a number of lifestyle offerings including a residents’ lounge and gym, free WiFi and access to a car club. The development has also been built to be sustainable, as part of Legal & General’s wider green initiative, and includes roof-mounted solar panels, providing reduced utility bills.
Dan Batterton, BTR Fund Manager at LGIM Real Assets, said:
“We are pleased to have secured 50% of lettings at Phase II of The Slate Yard within 8 weeks of opening the doors to the scheme. This is testament to the success of our first BTR proposition and demonstrates that improved services and flexibility are key drivers for of the modern renter. The scheme has attracted a wide range of residents, from single people to families to downsizers. The Slate Yard has led the market in encouraging residents to make their apartment their home, through allowing pets, painting and decorating and offering leases of up to 5 years.”
This latest scheme forms part of the wider New Bailey regeneration programme being delivered by English Cities Fund, a joint venture between Legal & General, Homes England and Muse Developments.
Phil Mayall, regional director at the English Cities Fund, said:
“We are very proud to have developed and delivered the very first institutionally funded, custom-built BTR scheme in Greater Manchester, so to hand over the second phase to Legal & General is a significant milestone for the fund and fantastic news for the area.
“New Bailey is becoming a completely new district for business, leisure and everyday life. It’s been great to see more people from all walks of life moving into the Slate Yard, so we’re very pleased to have completed the second phase.”
As with the Phase I of The Slate Yard, this second development will be operated by Manchester-based property management company urbanbubble.
Michael Howard, founder and managing director of urbanbubble, said:
“Slate Yard represents the first institutional build-to-rent appointment of our strategic partnership with Legal & General and is proving to be every bit as successful and popular with people wanting to rent as we knew it would be.
“The development is an exemplar of our commitment as a customer service provider, working with blue-chip partners using the BTR model in the provision of holistic care of properties, facilities management, lettings and residents’ management.”