Land Securities revealed plans to build 4,000 built-to-rent flats in suburban London following which another big commercial property developer revealed similiar plans.
British Land says it has identified opportunities for 4,000 to 5,000 housing units across its existing property portfolio in London and the Southeast. These sites include Canada Water in London’s Isle of Dogs.
British Land is also in exclusive negotiations to acquire a private rented sector operator; it disclosed, to add scale and operational expertise to its emerging build-to-rent business. Chief Executive Chris Grigg said “Build-to-Rent is a new area of focus for British Land but its complementary to our existing expertise and is an important part of our mixed use vision. The market is underpinned by sound fundamentals, with housing generally undersupplied relative to demand and ability to buy constrained, making renting an attractive option for a growing number of people. Added to this, ownership is relatively fragmented, creating an opportunity for professionally-managed, quality space, especially in London and the Southeast”.
We reported that Land Securities is planning to build more than 4,000 homes on its suburban London retail sites. It intends to submit planning applications in the coming months for £1bn of mixed-use schemes at Finchley Road and Shepherds Bush.