Woolwich BTR acquisition announced

Legal & General has exchanged contracts on its third Build to Rent site.The site, known as Macbean, is Legal & General’s third BTR scheme in London, with existing developments progressing in Walthamstow and Croydon.Located near Woolwich Arsenal Overground Station, this brownfield site has been identified as one of the last development opportunities of scale opposite a Crossrail station, within one of the highest growth areas along the new rail line.With the improved transport infrastructure, the area needs a greater supply of housing to meet growing demand. According to the government’s Objectively Assessed Housing Need consultation, 3,313 additional homes are required each year in the borough.Subject to planning approval, the scheme is projected to deliver over 650 new homes, together with 21,000sqft of commercial space and a new public square.The development will comprise both private and affordable rental homes, split between London Living Rent and Discount Market rent.Legal & General was advised by Colliers International on this acquisition.