Partnership formed to bring forward BTR homes

A partnership has been formed to bring forward hundreds of build-to-rent homes in Northamptonshire.Legal & General’s Suburban Build-to-Rent business (LGSBTR) and Miller Homes have joined forces to provide 260 homes.The 260 units are largely comprised of two- and three-bed houses featuring air-source heat pumps and solar panelling, with the first handover of units expected to take place in March 2024 and final handovers in Q3 2027.The homes are part of masterplans which will provide not only new homes but also new community facilities, schools and employment space.Benjamin Massey, divisional managing director, Miller Homes, said: “This marks the start of an exciting long-term partnership. We are pleased to have agreed a deal with L&G to deliver 260 single-family, build-to-rent homes in Northamptonshire alongside our ongoing work to provide high-quality homes in key regional markets across the UK.”Moving forward, the inclusion of build-to-rent homes as part of our business model will allow us to continue to diversify our portfolio, whilst creating new opportunities for land acquisition and supporting our overall growth ambitions.”LGSBTR is owned by Legal & General Capital (LGC), the alternative asset platform of Legal & General Group. LGC is a direct investor, developer, and operator in residential property.David Reid, managing director, Legal & General SBTR, added: “Now more than ever, we must deliver diverse residential offerings to better accommodate the broad range of different households that exist in the market. This includes the provision of reliable, long-term rental options.”At LGSBTR we are determined to meet that need with high-quality, well-managed, and thoughtfully designed properties to help people live healthy and happy lives.”Savills Operational Capital Markets advised Miller Homes on the disposal to Legal & General.William Pearce, associate at Savills, said: “Recent research from Savills shows that up to one million additional homes will be required to accommodate ever growing demand for rental product, particularly from young families, across England and Wales.”This transaction will deliver a combined 260 much-needed rental homes to their respective local markets, going some way in assisting with this demand.”