L&G splashes £47.5m on site in Bath for 171-unit BTR scheme

L&G has bought a development site in the middle of Bath for £47.5m, paving the way for the firm’s fourth BTR scheme, Property Week can reveal.

The company will build 171 apartments on the site, called Roseberry Place, along with 17,000 sq ft of retail space and 126 car parking spaces.

The purchase from developer Deeley Freed includes several vacant industrial units, which will be demolished this week to make way for the new flats.

The site already has outline planning permission, and L&G has appointed Deeley Freed as developer of the new homes. The site sits within the Bath City River Enterprise Area, designated for growth of the city.

The deal was funded through L&G’s BTR fund, alongside Legal & General Capital’s partnership with Dutch pension fund manager PGGM.

James Lidgate, director of housing at Legal & General Capital, said: “This scheme is an excellent example of the partnership’s asset acquisition strategy - investing in long term sustainable urban schemes that support wider urban regeneration by better utilising the local existing infrastructure, and maximising land density in areas where there is a shortage of housing supply.”

Dan Batterton, BTR fund manager at LGIM Real Assets, added:  “This acquisition is a prime example of the type of compelling opportunities there are in the market at the moment.

“We are targeting well-located sites where there is the opportunity to influence all aspects of design and construction from the start to create a best-in-class product that will provide a positive lifestyle choice for elective renters.”

Cushman & Wakefield acted for L&G.

Related Articles

Have your say

Sign in to make a comment on this story.

Sign In

Text size

Desktop Site | Mobile Site