Bristol City Council has given a new Bristol Build to Rent scheme, ND7, the go-ahead.
New Bristol Build to Rent Scheme Gets the Go-Ahead
LGIM Real Assets has announced that the new 255-unit Bristol Build to Rent scheme, in the city centre, has now been approved. The regeneration scheme will provide a much-needed boost to Bristol’s rental housing supply and will help deliver the new mayor’s housing targets.
ND7 is the first Build to Rent scheme to receive planning committee support in Bristol. The development will provide high-quality homes for elective tenants that will support them for the long-term, offering a level of flexibility and choice.
LGIM Real Assets insists that the scheme will champion the rights of renters, offering longer and more flexible tenancies with no hidden fees and long-term certainty over rent prices, making renting a more affordable and active choice.
Legal & General, through Legal & General Capital (LGC) and LGIM Real Assets, entered the Build to Rent market in 2016, in partnership with PGGM. Committed to raising the standard of UK renting across the board, LGIM Real Assets’ Build to Rent fund, alongside LGC and PGGM, has £1 billion to invest in developing new large-scale rental developments. It currently has more than 1,000 Build to Rent homes under construction or in planning, with an aim of building over 4,000.
To date, Legal & General has invested £8 billion in UK infrastructure, direct investments and urban regeneration projects, aiming to invest over £15 billion.
The new Bristol Build to Rent scheme is located within the Temple Quay Enterprise Zone, behind PwC and Burges Salmon, near Temple Meads station.
Sustainability will be at the heart of the development’s design, with green infrastructure incorporated into the scheme. Options to embed energy generation, reduce energy consumption, appropriately resource sensitive materials, optimise water and waste efficiency, and mitigate pollution during construction will all be incorporated.
Assael Architecture is the architect on the project.
The Build to Rent Fund Manager at LGIM Real Assets, Dan Batterton, says: “In Bristol, there are increasing numbers of people needing to rent and an urgent need for high-density, city centre rental accommodation. It is great news that this innovative scheme has been approved by Bristol City Council, who recognise that ND7 will make a major contribution towards Bristol’s rental housing supply.”